Bloomberg News

Kenya’s Shilling Heads for 2-Week Low on Month-End Dollar Demand

April 24, 2012

Kenya’s shilling headed for the weakest level in almost two weeks after importers sought dollars to make end-of-month payments.

The currency of East Africa’s largest economy depreciated 0.1 percent to 83.25 per dollar by 3:39 p.m. in Nairobi, the capital, on course for the lowest close basis since April 12.

“It is typical month-end demand,” Nahashon Mungai, a currency dealer with Equity Bank Ltd., said by phone from Nairobi today. Kenyan oil importers and buyers of essential items and consumer goods settle their orders in the last week every month, he said.

The Tanzanian shilling weakened for the first time in four trading sessions, losing 0.2 percent to 1,586 per dollar as importers bought the U.S. currency.

Uganda’s shilling appreciated as much as 0.4 percent and traded 0.2 percent stronger at 2,513 per dollar.

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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