Bloomberg News

Kenya Shilling Weakens on Importers’ Month-End Dollar Demand

September 26, 2012

Kenya’s shilling weakened for a second session as companies stepped up dollar purchases to cover month-end payments.

The currency of East Africa’s largest economy declined less than 0.1 percent to 85.15 a dollar by 2:48 p.m. in Nairobi, the capital, poised for its weakest closing level since June 13, according to data compiled by Bloomberg.

“There is a good level of demand for the U.S. dollar from importers and corporates for their usual month-end commitments,” Sameer Lagadia, head of trading at Diamond Trust Bank Kenya Ltd. (DTKL), said by phone from Nairobi.

Uganda’s currency dipped 0.7 percent to 2,540 a dollar, heading for its lowest close since March 5, while the Tanzanian shilling gained 0.1 percent to 1,574 a dollar.

To contact the reporter on this story: Sarah McGregor in Nairobi at smcgregor5@bloomberg.net

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net


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