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Kenyan shilling seen weaker

12 July 2013, 18:01

Nairobi - The Kenyan shilling may weaken further if the turmoil in Egypt hits tea exports from the east African country and pushes global crude prices higher.

The shilling has weakened 1.4 per cent against the dollar since July 3 to the 87.05/25 at 0956 GMT on Thursday, in line with other emerging market assets, on expectations that the U.S. Federal Reserve will start to unwind its stimulus.

"Egypt unrest is a big factor going forward, that could hit the shilling," said Duncan Kinuthia, head of trading at Commercial Bank of Africa.

CBK said, during a monetary policy meeting on Tuesday that left its key lending rate unchanged, the unrest could have repercussions on the oil price and tea exports, a big foreign exchange earner.

- Reuters

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