Kenya shilling extends fall
28 May 2013, 14:16
Nairobi - The Kenya shilling seems to be on a downward trend as it hit an eight-week low on Tuesday, pressured by importers' increased demand for dollars in the absence of matching inflows from exporters.
Business Daily reports that at 0729 GMT, commercial banks quoted the shilling at 85.10/30 per dollar, 0.2 per cent weaker that Monday's close of 84.95/85.15.
Peter Mutuku, head of trading at Bank of Africa said that there is a bit of panic buying by some players after it (shilling) weakened quite fast.
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