Kenyan Shilling Falls Further Despite Ruto’s Promises

The Kenyan shilling has continued to lose ground against the US Dollar despite President William Ruto breathing fire on those who might be hoarding the dollar. The President told investors that the dollar will soon retail at 120 shillings.

As Kenyans wait for miracles to happen, the local currency weakened by 0.22 percent to close at 133.59 (-8.28 percent year-to-date) against the US Dollar. The shilling has been losing ground daily for the past year, the longest in history.

On a slightly positive note, the shilling strengthened by 0.18 percent to close at 166.01 (-11.82 percent year-to-date) against the British Pound. The shilling also strengthened by 0.15 percent to close at 145.66 (-10.97 percent year-to-date).

Kenyan Stock Market

Total equity turnover dropped by 2.86 percent to close at USD 2.27 MN (KES 303.65 MN) compared to Thursday’s turnover of USD 2.34 MN (KES 312.59 MN).

NSE 20 and NASI dropped by 0.81 percent and 0.57 percent to close at 1,632.30 and 113.61 respectively.

Foreign investors assumed a net selling position by accounting for 32.05 percent of total market purchases and 37.04 percent of total market sales.

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