Shilling Still Receiving A Beating, Equity Turnover Melts

The Kenyan shilling is still receiving a beating from all the major currencies including the Us Dollar, the Pound, and the Euro.

On Wednesday, the local currency shed off 0.1 percent against the dollar to close the day at 113.63 percent. This is the lowest the Kenyan shilling has ever been in history.

At the same time, the Kenyan shilling weakened against the Pound by shedding 0.15 percent to close the day at 153.79 shillings. The shilling was also on a free-fall against the Euro by ending the day at 129.56 shillings, a 0.23 percent drop.

During the day on Wednesday, the total equity turnover decreased 7.25 percent to close at USD 5.95 MN (676.10 million shillings) compared to Tuesday’s turnover of USD 6.42 MN (728.93 million shillings).

The NSE 20 gained 0.09 percent to close at 1,889.30 while NASI shed 0.80 percent to close at 167.48, respectively.

Foreign investors assumed a net buying position by accounting for 28.72 percent of total market purchases and 20.67 percent of total market sales.

Read More: Kenyan Shilling Sheds Off 0.4%, Hits A Historic Low