Is There Any Hope For The Kenyan Shilling?

The Kenyan shilling has continued to receive a beating from the US Dollar on a daily basis. The more we move closer to the general elections, the more the beating the shilling seems to be receiving. Is there any hope for the local currency any time soon?

On Thursday, the Kenyan shilling weakened 0.04 percent against the US Dollar to close at 118.23 shillings (-4.50 percent year-to-date). This has been the trend for months now.

At the same time, the local currency strengthened 0.07 percent to close at 140.55 shillings against the Pound (+7.57% year-to-date). The shilling also strengthened 0.34 percent against the EURO to close at 118.69 (+7.27% year-to-date).

Kenyan Stock Market

Total equity turnover grew by 31.45 percent to close at USD 2.61 million (308.34 million shillings) compared to yesterday’s turnover of USD 1.98 million (234.56 million shillings).

NSE 20 and NASI rose by 0.66 and 3.75 percent to close at 1,694.28 and 114.58 respectively.

Foreign investors assumed a net selling position by accounting for 12.74 percent of total market purchases and 69.32 percent of total market sales.