The Kenyan shilling slipped to a record low amid increased corporate demand for dollars following the lifting of some government restrictions aimed at controling the spread of the coronavirus.
The currency of East Africa’s largest economy weakened 0.1% to 107.98 per dollar by 10:15 a.m. in the capital, Nairobi, after earlier breaching 108 for the first time. Should it end the day at that level, it would be its lowest close since at least December 1988, when Bloomberg started compiling the data. It would also extend the shilling’s loss since the beginning of the year to 6.5%.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
Login if you have purchased
