The Kenyan shilling has hit a new record low trading against the dollar, after it weakened to 117.01 on Thursday, indicating a continued rally in prices of imported commodities like fuel and cooking oil and pointing to a further dollar shortage crisis.
The depreciation is attributed to increased demand for dollars from importers, especially crude oil and merchandise traders. It is set to increase prices of imported goods and put pressure on the country's debt repayment given that most external debt is repaid in the dollar.
