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Kenyan Shilling Breaches 106 Psychological Level

BY · September 9, 2015 06:09 am

Secondary Market: Trading in the secondary market continued an upward trajectory as bond turnover multiplied by 123% to KES 370 million. Investors displayed keen interest for bonds in the short term bracket.

Money Market: The monetary regulator continued to intervene in the money market to mop-up excess liquidity; with TADs worth KES 8.5 billion sold yesterday. Monday was a gloomy trading day for the Kenyan Shilling (KES) as it breached the 106 psychological level, marking a historical low against the US Dollar (USD).

Factors which fuelled the Kenyan Shilling’s depreciation included global strengthening of the USD and mounting dollar demand from the energy and telecommunications sectors.

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