Bloomberg News

Kenyan Shilling Snaps Two-Day Drop as Demand for Dollars Eases

October 25, 2011

Johnstone Ole Turana

Oct. 25 (Bloomberg) -- Kenya’s shilling snapped a two-day decline and strengthened as demand for dollars eased.

The currency of East Africa’s biggest economy rose as much as 0.4 percent to 100.10 per dollar and traded less than 0.1 percent higher at 100.50 at 12:03 p.m. in Nairobi.

“The subdued demand for the dollar has provided the shilling with a reprieve,” Wilson Mutai, a dealer at Nairobi- based African Banking Corp., said by phone today.

The shilling has depreciated 20 percent this year, making it the world’s worst performer against the dollar. Inflation accelerated for the 11th consecutive month in September to 17.3 percent from 16.7 percent in August, more than triple the government’s target.

--Editors: James Kraus, Ana Monteiro

To contact the reporter on this story: Johnstone Ole Turana in Nairobi at jturana@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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