NAIROBI (Xinhua) --
The Kenya shilling lost more ground against the
U.S. dollar on Thursday as political uncertainty persisted in
the East African nation.
The Supreme Court on
Thursday continued to hear petitions challenging President Uhuru
Kenyatta’s win in Oct. 26 polls, and its six judges would make a
ruling on Monday.
The shilling traded
at an average of 103.75 to the dollar, a 0.06 percent decline
from Wednesday’s 103.70.
The Central Bank of
Kenya quoted the shilling at 103.74 to the dollar, down from
103.70 in the previous session. On Wednesday, the shilling
weakened against the dollar by 0.09 percent.
Similarly, the East
African nation’s commercial banks placed the shilling at between
103.60 and 103.80, down from 103.55 and 103.75 on Wednesday.
Traders in the
commercial banks blamed the decline of the currency to the
Supreme Court petitions, which have led to political uncertainty
in the country keeping away investors.
There has also been
declining inflows from several sectors among them agriculture
putting strain on the shilling amid rising dollar demand.
forex exchange reserves, according to the apex bank, stand at
7.1 billion dollars, which are enough to cushion the shilling
from further drop.