Kenya shilling slides against dollar in Christmas Eve trading

kenya shilling
kenya shilling

Kenyan shilling slid 0.44 percent against the U.S. dollar on the eve of Christmas trading on Monday as demand for the greenback started to surge.

Commercial banks and the Central Bank quoted the local unit against the dollar at 101.85 on Monday, a decline from 101.40 at the end of last week on Friday.

Analysts attributed the decline to slight rise in dollar demand from importers as they ready for end of the year.

Last week, the Kenyan shilling gained 1.1 percent against the dollar to hit a five-week high from 102.60 recorded the previous week due to thin dollar demand from oil importers amidst the continued tight liquidity.

However, despite the decline, the shilling is expected to close the year stronger as it is trading 1.8 percent higher against the dollar year-to-date, according to analysts. Enditem

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