Kenyan shilling eases slightly, seen under pressure
26 November 2013, 08:46
Nairobi - The Kenyan shilling weakened slightly on Monday, driven by an expectation of higher demand for the dollar from the energy, telecoms and manufacturing sectors.
At 0711 GMT, commercial banks quoted the shilling at 86.65/85 to the dollar, compared with Friday's close of 86.60/70.
It had weakened to 86.80/90 earlier in the session.
Traders said they expected the shilling to keep on a weakening trend in the days ahead due to importers buying the dollar before the holiday season in December.
"There's some good corporate demand on the cards: energy, telecoms, manufacturing. Most corporates are buying at this time," Sheikh Mehran, a senior trader at Kenya Commercial Bank, said.
The shilling is 0.6 percent weaker than the dollar in the year to date.
Traders said they expected the shilling to trade in the 86.25 to 87.20 range in coming days, and were expecting it to weaken further after going past 86.50.