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Kenyan shilling weakens

21 May 2013, 14:01

Nairobi - The Kenyan shilling weakened on Tuesday, weighed down by energy sector importers buying dollars on the view that the local currency's gains have bottomed out.

Business Daily reports that at 0728 GMT, commercial banks quoted the shilling at 84.00/20 per dollar, 0.2 per cent weaker than Monday's close of 83.85/95.

Julius Kiriinya, a trader at African Banking Corporation said that there is some demand from the energy sector, as they feel that the shilling had been at 83.90 for so long and it may have run out of gains .

- For more visit Business Daily

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