The Standard Group Plc is a multi-media organization with investments in media platforms spanning newspaper print operations, television, radio broadcasting, digital and online services. The Standard Group is recognized as a leading multi-media house in Kenya with a key influence in matters of national and international interest.

Standard Group Plc HQ Office,
The Standard Group Center,Mombasa Road.
P.O Box 30080-00100,Nairobi, Kenya.
Telephone number: 0203222111, 0719012111
Email: [email protected]

NEWS & CURRENT AFFAIRS

Digital News

Kenyan shilling weakens due to dollar demand

By Reuters and Valentine Kondo | 5yrs ago

Loading Article...

For the best experience, please enable JavaScript in your browser settings.

NAIROBI- The Kenyan shilling weakened against the dollar on Tuesday due to end month demand from oil and merchandise importers exceeding dollar inflows from diaspora remittances, traders said.

At 0800 GMT, commercial banks quoted the shilling at 100.75/95 per dollar, compared with 100.65/85 at Monday’s close.

Last week, the Kenyan shilling held steady due to US dollar inflows from offshore investors buying government debt and thin importer demand amid high liquidity in the local money market.

Commercial banks quoted the shilling at 101.70.90 per US dollar, compared with 102.10/30 at last Thursday’s close.

“This month we have a new issue for a maximum of forty billion. I’d attribute the current move to weak dollar demand,” a senior commercial bank trader said, referring to a new issue of treasury bonds.