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Kenya's shilling tumbled 1.86 per cent against the dollar on Tuesday to hit a fresh all-time low of 104.15 to the greenback, and traders said there was no end in sight to the currency's slide unless the central bank intervened aggressively.
The currency's free fall –it has lost close to 30 per cent against the dollar so far this year –exposes a crisis of confidence in the central bank's ability to defend the pummeled currency, tackle inflation and close a widening balance of payments gap. On Tuesday the Kenya shilling hit a new low of 104.15 to the greenback, [PHOTO/STANDARD FILE]
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