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Shilling weakens on dollar demand from various sectors

19 August 2015, 21:32

Nairobi - The Kenyan shilling weakened on Wednesday on dollar demand from various sectors but was expected to remain a range through the week, traders said.

At 0730 GMT, commercial banks posted the shilling at 103.20/103.30 per dollar, from Tuesday's close of 103.10/20 per dollar.

"It's everyone looking for dollars," said a trader at a commercial bank.

Typically, dollar demand comes from the energy, telecommunications and manufacturing sectors.

The trader said he expected the local currency to remain in the 102.75-103.50 range through the week but the shilling could weaken further next week as businesses begin buying dollars to meet their regular end-of-month obligations.

Traders say the shilling was expected to remain under pressure, hurt by a wide current account deficit and scarce tourism receipts due to dwindling visitor numbers following a spate of attacks by Somali Islamists.

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- Reuters


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