Is There Cause To Worry As Kenyan Shilling Continue Weakening Against Major Currencies?

The Kenyan shillings continued its weakening trend for a fourth time in a row this week by weakening against the US Dollar, Sterling Pound, and the Euro.

The shilling weakened against the US Dollar by 0.81 percent, 6.56 percent against the Sterling Pound and 4.89 percent against the Euro on a year-to-date basis.

At the Nairobi Security Exchange, the market turnover was reduced by 13.81 percent to USD 6.0 million an equivalent of 623.8 million shillings from yesterday’s trading. The NSE 20 gained 0.64 percent to close at 3,195.70 while the NASI gained 1.30 percent to close at 137.64 while Foreign investors assumed a net selling position accounting for 32.1 percent of total market sales and 23.1 percent of total market purchases.

At the East African Community markets, in Uganda, the USE ALSI rose by 0.05 percent to close at 1,560.71 while the USE LCI also rose by 0.03 percent to close at 375.18 while in Rwanda, the RSI and RASI  gained 0.17 percent and 0.02 percent to close at 122.56 and 127.63 respectively.