Average Exchange Rates for Major Currencies On Tuesday
KEY POINTS
The value of the U.S. dollar is still the strongest and has continuously devalued currencies around the world as well as unsettling the outlook for the global economy.
The shilling continued its downward trend against the USD in recent weeks, hitting a fresh record low on 23rd August 2022. It weakened 0.05 percent to close at 119.63 (-5.73 percent year-to-date).
The Central Bank of Kenya issued customers’ foreign exchange rates for 23rd August 2022. The exchange rate is based on the weighted average rates of commercial banks.
The value of the U.S. dollar is still the strongest and has continuously devalued currencies around the world as well as unsettling the outlook for the global economy.
The table below shows the commercial banks’ average exchange rates for major currencies/KES at the close of the market on 23rd August 2022.
The shilling continued its downward trend against the USD in recent weeks, hitting a fresh record low on 23rd August 2022. It weakened 0.05 percent to close at 119.63 (-5.73 percent year-to-date).
The shilling has been hitting new record lows daily since the beginning of 2022, largely weighed on by a stronger greenback. Accelerating inflation in the U.S. over the past few months and the Fed’s increasingly hawkish tone have eventually led to the expected rate hikes.
Focus Economics panelists see the shilling ending 2022 at 113.9 per USD and 2023 at 116.6 per USD. The depreciation also spells trouble for the country’s external debt levels, with nearly half of the total amount denominated in foreign currencies.
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