Kenyan Shilling Still Going Downhill; Will It Stop Soon?

The Kenyan shilling has continued to receive a beating from the US Dollar, shedding 0.05 percent to close the day on Wednesday at 116.58 shillings. The local currency is still 3.04 percent weaker year-to-date against the US Dollar.

At the same time, the Kenyan shilling had something to bank on after it strengthened 0.27 percent against the British Pound to close the day at 146.16 shillings (+3.88 percent year-to-date). It however weakened 0.58 percent against the Euro to close at 1234.58 (+2.67 percent year-to-date).

At the Kenyan Stock Market, the total equity turnover fell by 74.86 percent to close at USD 4.98 MN (KES 580.76 MN) compared to yesterday’s turnover of USD 19.82 MN (KES 2.31 BN).

NSE 20 and NASI rose by 0.42 and 0.53 percent to close at 1,677.03 and 129.02, respectively. Foreign investors assumed a net selling position by accounting for 36.04 percent of total market purchases and 90.66% of total market sales.