Money Markets

Shilling weakens marginally in morning trade

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A man counts bank notes. The shilling weakened marginally during Wednesday’s morning trading session as demand for the US dollar escalated. Photo/File

A man counts bank notes. The shilling weakened marginally during Wednesday’s morning trading session as demand for the US dollar escalated. Photo/File 

By CHARLES WOKABI, cwokabi@ke.nationmedia.com

Posted  Wednesday, January 23  2013 at  14:02
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The shilling weakened marginally during Wednesday’s morning trading session as demand for the US dollar escalated.

As at 1pm, dealers at the Commercial Bank of Africa said the shilling was exchanging at 87.50/70 against the US dollar after having opened trading at 87.35/45.

“The central bank has been in the market trading to try and stop the flight but there has been renewed buying interest piling pressure on the local unit,” CBA dealer Duncan Kinuthia said.

It is expected to weaken further touching the Sh88 mark by close of business owing to huge demand experienced in the market.

“Going by the demand we are experiencing, the shilling could weaken further in the afternoon trading session to touch the Sh88 mark,” Mr Kinuthia said.