Kenyan Shilling Dips Further as Kenya Heads to the Polls

Kenya heads to the controversial presidential repeat polls scheduled to take place on 26^th of October with the Kenyan Shilling being on the receiving end.

The Kenyan shilling has remained on the receiving end against global major currencies such as US Dollar, Sterling Pound, and the Euro.

On Tuesday, the Kenyan shilling weakened against the US Dollar by 1.18 percent on a year-to-date basis. The shilling also weakened against the Sterling Pound by 8.97 percent. Against the Euro, the Kenyan Shilling weakened 13.71 percent.

On the Kenyan Stock Market, the market turnover dropped 49.7 percent to USD 5.72 million or an equivalent of 593.30 million shillings from Monday’s trading.

The NSE 20 and NASI went up 1.72 percent and 1.31 percent to close at 3,602.56 and 158.11 respectively.

Foreign investors, on the other hand, assumed a net buying position by accounting for 56.9 percent of total market purchases and 41.9 percent of total market sales.

Focusing on the East African Community Markets, in Rwanda, the RSE RSI and RASI gained 0.20 percent and 0.03 percent to close at 127.69 and 132.39 respectively while in Uganda, the USE ALSI rose 0.63 percent to close at 1,670.20 while USE LCI declined 0.12 percent to close at 388.01.