A resurgent US dollar amidst heightened geopolitical risks and fading hopes of multiple interest rate cuts by the US Federal Reserve have reversed a major rally of the Kenya shilling in what has seen the local unit begin to weaken.
Data from the Central Bank of Kenya (CBK) shows that one dollar was exchanging for 131.44 shillings by end of last week, representing a fifth straight day of weakening for the local unit since April 11 when the official exchange rate stood at Sh130.35, having aggressively gained from a record low of 161.36 at the end of January.
