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Finance

Importers pile pressure on the Shilling, wiping out minor gains

NAIROBI, Kenya, Jan 11 – The Kenya shilling has continued to weaken amid dollar strength hitting the 104 mark.  

The home unit on Wednesday traded at Sh103.80 against Sh104.00 shillings to the dollar.

CBA’s Treasury Department says the shilling has continued to trade south against the dollar as turbulence continue to prevail in the local foreign exchange market.

On Wednesday, the home unit staged a minor recovery early in the session but it was short lived as importer demand crept back in.

Perspective for the shilling in the near term points to a further decline and more so with relentless foreign currency demand against the negligible inflows.

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