French oil major Rubis took a forex loss of €19 million (Sh3.2 billion) in the Kenyan market last year amid a sharply depreciating shilling that saw revenues contract by Sh19 billion.
The oil firm says in a trading update that Kenya and Nigeria were its two markets most hit by the difficulties in accessing dollars, hitches that forced dealers to take currency swaps as a hedge against forex shortages and a deteriorating exchange rate.
