Kenyan Shilling Continues To Receive Blows From the Dollar, Pound and Euro

The Kenyan shilling has continued to receive blow after another from the US Dollar, the Sterling Pound, and the Euro.

Last week, the shilling was on a sustained receiving end from the three major currencies with the increasing political temperatures in the country being blamed for it.

On Monday, the shilling weakened against the US Dollar by 1.04 percent on a year-to-date basis. The shilling also weakened against the Sterling Pound by 8.86 percent while going further down against the Euro by 14.57 percent.

On the Kenyan Stock Market, the market turnover went up 160.2 percent to USD 11.38 million or an equivalent of 1,178.72 million shillings from Friday’s trading.

The NSE 20 dropped 0.07 percent to close the day at 3,541.56 while NASI gained 0.74 percent to close the day at 156.07 respectively.

Foreign investors assumed a net buying position by accounting for 96.0 percent of total market purchases and 68.1 percent of total market sales.

The EAC Markets, on the other hand, in Rwanda, the RSE RSI and RASI declined 0.07 percent and 0.02 percent to close the day at 127.44 and 132.35 respectively while in Uganda, the USE ALSI was down 0.31 percent to close the day at 1,659.73 while USE LCI rose 0.02 percent to close at 388.46.