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Election concerns cause the shilling to weaken

22 January 2013, 15:36

Nairobi - The Standard reports Kenya's shilling weakened for a fourth straight session on Tuesday, pressured lower by importers stocking up dollars ahead of the March presidential election and banks covering positions after the currency fell through a key support level.

According to the traders, last week's violence during political primary nominations left importers concerned about the coming elections, the first since the 2007 poll when widespread ethnic violence caused massive disruption to Kenya and neighbouring economies.

At 0715 GMT, commercial banks quoted the shilling at 87.15/25 to the dollar, 0.2 percent weaker than the 86.90/87.10 it closed at on Monday.

- For more visit The Standard


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