Bloomberg News

Kenyan Shilling Weakens for Seventh Day on Higher Dollar Demand

March 02, 2012

Kenya’s shilling weakened for a sixth day, heading for its longest losing streak in more than seven months, on increased dollar demand.

The currency of East Africa’s biggest economy weakened 0.3 percent to 83.35 to the dollar, poised for the longest run of declines since August.

“The shilling has weakened on increased dollar demand with businesses buying for their new monthly requirement,” Duncan Kinuthia, a dealer at Nairobi-based Commercial Bank of Africa Ltd., said in a phone interview today.

The Ugandan shilling headed for the biggest drop in more than four months, depreciating 2.8 percent to 2,460 per dollar while Tanzania’s shilling remained unchanged at 1,600 to the dollar.

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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