Shilling hits four-month low on import demand up

The shilling has in June fallen to a four-month low against the greenback pushed by importers’ dollar demand and multinationals paying dividends.

Commercial banks quoted the shilling at an average of 103.65 to the dollar Friday, while the Central Bank indicative rate stood at 103.62 units. It was exchanging at 103.35 to the dollar at the beginning of the month.