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Kenyan shilling edges lower on insufficient tea, diaspora FX inflows

Reuters

October 13, 202312:57 PM GMT+3Updated 14 hours ago

Kenya shilling coins and notes are pictured inside a cashier's booth at a forex exchange bureau in Kenya's capital Nairobi

NAIROBI, Oct 13 (Reuters) - The Kenyan shilling edged lower against the dollar on Friday, as foreign-currency inflows from the tea sector and the diaspora were insufficient to meet the importers’ foreign exchange demand, traders said.

At 0945 GMT, commercial banks quoted the shilling at 148.95/149.15 per U.S. dollar, compared with Thursday’s closing rate of 148.85/149.05.

“The tea sector and diaspora inflows came through yesterday but were not enough to cool the foreign currency demand from importers,” one trader said.

The shilling touched a new all-time low of 149.15/35 earlier in Friday’s session morning to a new record low. It has fallen more than 17% against the dollar since the start of the year, according to LSEG data.

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