Kenya shilling buckles for 12th time to 117 units against U.S Dollar
Kenya’s shilling weakened against the dollar for the 12th consecutive month in June as the dampening global economic outlook accelerated its rate of depreciation.
The shilling is currently at 117.0 units against the dollar, amidst outcry by manufacturers over dollar shortage in the market.
This is a 0.1 percentage point drop since Monday when the shilling traded at 116.9 units, partly attributable to increased dollar demand from the oil and energy sectors as well as the manufacturing sectors.
It is the lowest the Kenyan shilling has ever depreciated against the dollar with experts weighing in that the shilling will continue to buckle due to increased demand from merchandise traders as they beef up their hard currency positions in anticipation for more trading partners reopening their economies globally.