The shilling stabilised in trading but traders project it may continue its losing streak due to importer dollar demand. especially from oil companies.
The currency traded at 103 Shs and 85 cts having closed at 104 shs and 10cts.
The local currency has lost 1.17 percent of its value since the year began, prompting oil importers to stock up dollars in anticipation of higher prices of the commodity.
The Central Bank of Kenya hasn’t issued an official statement in regard to the matter but has warned currency traders against speculation.
so, why should you be worried about a weaker shilling? Brenda Kerubo explains