High dollar demand sends shilling to new all-time low

The Central Bank of Kenya building in Nairobi. PHOTO | DENNIS ONSONGO | NMG

The shilling has weakened further in the past week due to higher dollar demand from importers, trading at a new all-time low of 113.51 units to the dollar yesterday compared to 113.23 on January 10.

Traders said there has been broad demand for dollars in the market, which has outweighed supply from agro commodity exports and diaspora remittances.

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