Kenya shilling tipped to weaken further on low forex inflows
Tier one banks recorded currency gains worth $100.14 million in the first half of the year due to the shilling’s depreciation against the local currencies. PHOTO | SHUTTERSTOCK
Lower foreign exchange inflows and higher global interest rates are the key factors that will see the Kenyan shilling continue to lose ground against the US dollar, according to data analytics and intelligence firm Stears.
The Kenyan unit was exchanging at Ksh147.26 against the greenback on Thursday, according to data from the Central Bank of Kenya (CBK), compared to Ksh120.45 during the same period last year marking a depreciation of 22.2 percent.
