Looks Like The Fall Of The Kenyan Shilling Is Inevitable

It seems the Kenyan shilling is on a mission to fall and has no plans of stabilizing. On Thursday, the local currency fell further, weakening against the US Dollar by 0.08 percent to close at 136.79 (-10.88 percent year-to-date).

The shilling was also clobbered by the British Pound, weakening by 0.53 percent to close at 173.01 (-16.53 percent year-to-date). It also went ahead and weakened by 0.37 percent against the Euro to close at 150.25 (-14.47 percent year-to-date).

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On the Kenyan Stock Market, total equity turnover rose by 113.83 percent to close at USD 3.18 MN (KES 434.70 MN) compared to yesterday’s turnover of USD 1.49 MN (KES 203.29 MN).  NSE 20 and NASI dropped by 0.65 and 2.16 percent to close at 1,497.91 and 98.34 respectively.

Foreign investors assumed a net buying position by accounting for 73.62 percent of total market purchases and 62.08 percent of total market sales.

Related Content: The Impact Of A Weak Or Strong Kenyan Shilling Against The US Dollar: Implications For Importers And Exporters