Kenyan Shilling Still Tumbling Down Against Major Currencies

The Kenyan shilling seems to have maintained its rocky path of being on the receiving end of three major global currencies; the US Dollar, the Sterling Pound, and the Euro.

On Tuesday, the shilling weakened against the US Dollar by 1.1 percent on a year-to-year basis while maintaining the same against the sterling pound by shedding off 5.3 percent on a year-to-date basis. The shilling, also, weakened against the Euro by 7.8 percent on the same year-to-date basis.

On the Kenyan Stock Market, the market turnover at the bourse rose 296.2 percent to USD 15.65 million with this being an equivalent to 1,621.2 million shillings from Monday’s trading.

The NSE 20 gained 0.48 percent to close at 3,600.01 while NASI Index lost 0.15 percent to close the day at 152.74 while foreign investors, on the other hand, assumed a net selling position by accounting for 33.8 percent of total market sales and 12.1% of total market purchases.

How did things go down in the East African Community Markets? In Rwanda, the RSI and RASI indices remained at 115.50 and 124.47 respectively while in Uganda, the USE ALSI and USE LCI dropped 0.62 percent and 1.25 percent to close at 1,666.35 and 363.67 respectively.