BusinessNews

Kenya’s shilling weakens to 100 against dollar, fresh 3-1/2 year low

Kenya’s shilling on Monday weakened to a fresh three and a half year low, Reuters data showed, hitting the 100 level against the dollar for the first time since Oct. 2011.

A fuel attendant handles Kenyan shilling notes at a petrol station in the capital Nairobi
A fuel attendant handles Kenyan shilling notes at a petrol station in the capital Nairobi

The shilling closed on Friday at 99.70/80. Traders said the shilling started weakening in early trade due to concerns of a widening current account deficit and on a stronger dollar globally after Greece vote against the bailout conditions demanded by its creditors.

At 0736 GMT, the shilling was trading at 100.05/15 against the dollar.

 

Related Articles

Business

CNOOC Uganda Limited Celebrates Scholarship Recipients’ Journey To Petroleum Engineering Excellence

CNOOC Uganda Limited, a prominent player in Uganda’s thriving oil and gas...

News

Women’s Rights Advocates Call For Reevaluation Of Mandatory Pregnancy Testing At Islamic University In Uganda

In a recent development, women’s rights activists have raised concerns regarding the...

NationalNews

UMA Faults Government Over Poor Quality Of Medical Interns On The Market

The Uganda Medical Association has faulted the government for the poor quality...

Business

Uganda’s Collective Investment Schemes Surge Past UGX 2 Trillion Mark, Bolstered by Inaugural Dollar Unit Trust Fund

Uganda, East Africa’s emerging financial hub, has achieved a significant milestone as...