Bloomberg News

Kenya Shilling Weakens for a Fifth Day, Weakest in Three Months

May 14, 2012

Kenya’s shilling weakened for the fifth day, headed for the lowest in more than three months.

The currency of East Africa’s biggest economy depreciated as much as 0.5 percent to 84 per dollar and was trading 0.2 percent weaker at 83.70 as of 5:58 p.m. in Nairobi, set for the lowest since Feb. 2.

Kenya’s central bank accepted all 7.02 billion shillings ($83.8 million) of bids received for seven-day repurchase agreements, said Godfrey Putunoi, a dealer at the bank’s money- market department.

The weighted average rate for the repos was 16.522 percent, he said by phone today from Nairobi, the capital. The bank had offered 12 billion shillings, he said.

Tanzania’s shilling weakened 0.1 percent to 1,580 to the dollar while the Ugandan shilling gained 0.1 percent to 2,467 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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