Market News
Kenyan shilling weakens slightly as dollar demand increases - REUTERS
Sonia Rao
NAIROBI, Nov 13 (Reuters) – The Kenyan shilling weakened slightly against the dollar on Wednesday, one trader said, as the U.S. currency has strengthened globally following the presidential election, increasing local demand.
At 0700 GMT, the shilling traded at 129.00/129.30 to the dollar, compared to Tuesday’s closing rate of 128.50/129.50.
“We’ve been seeing the dollar appreciate against all currencies globally, including the shilling,” the trader said.
“Because of the dollar being attractive we are now seeing investors starting to buy dollars to repatriate them back to the U.S. markets.”
(Reporting by Sonia Rao; Editing by George Obulutsa)
