Kenyan Shilling On A Free-Fall, Hits The Lowest In History

It seems the Kenyan shilling is on a mission of being clobbered by the US Dollar, the British Pound, and the Euro, with little chance of defending itself. The local currency seems to have defied threats by the President who had ordered it to strengthen.

On Monday, the shilling kicked off the week by weakening by 0.04 percent against the US Dollar to close at 140.57 (-13.94 percent year-to-date). It was also clobbered by the Pound when it weakened by 0.66 percent to close at 178.44 (-20.19 percent year-to-date).

The local currency went ahead and weakened by 0.23 percent against the DEuro to close at 153.34 (-16.82 percent year-to-date).

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On the Kenyan Stock Market, the total equity turnover rose by 27.68 percent to close at USD 1.11 MN (KES 155.72 MN) compared to Friday’s turnover of USD 0.87 MN (KES 121.96 MN).

NSE 20 and NASI rose by 0.59 percent and 0.74 percent to close at 1,584.28 and 107.79, respectively.

Foreign investors assumed a net selling position by accounting for 32.02 percent of total market purchases and 41.43 percent of total market sales.

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