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Shilling slides to 15 month-low in turbulent start to 2017 trading

A pump attendant fills a motorist’s tank. A higher exchange rate is likely to make imported petroleum more expensive. PHOTO | FILE

The Kenyan shilling has started the year on a turbulent note, slipping to a 15-month low against the US dollar and setting local consumers up for higher cost of imported goods as well as a steep rise in electricity bills.

Commercial banks yesterday exchanged the shilling at 103.10/20 to the dollar compared to 102.80/103.00 on Tuesday — a decline that currency traders attributed to increased demand for the US dollar.

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Note: The results are not exact but very close to the actual.

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