Kenyan Shilling on the Receiving End As Elections Approach

The Kenyan shilling has maintained its weakening trend against the US Dollar, the Sterling Pound, and the Euro for four days running and for almost three weeks in a row.

On Thursday, the shilling weakened against the US Dollar by 1.1 percent on a year-to-date basis. The shilling, further weakened against the Sterling Pound by 4.7 percent while maintaining the same against the Euro by 7.8 percent on a year-to-date basis.

On the Kenyan Stock Market, the market turnover at the bourse increased by 21.8 percent to USD 8.34 million or an equivalent to 863.7 million shillings from Wednesday’s trading.

The NSE 20 and NASI Indices gained 0.12 percent and 0.73 percent to close the day at 3,612.55 and 154.35 respectively while foreign investors assumed a net selling position by accounting for 69.6 percent of total market sales and 40.5 percent of total market purchases.

On the East African Community Markets, we kick off in Rwanda where the RSI gained 1.14 percent to close the day at 116.82 while RASI index lost 0.01 percent to close the day at and 124.46 while in Uganda, the USE ALSI and USE LCI went up 1.30 percent and 1.27 percent to close at 1,701.46 and 368.25 respectively.