Currencies

Shilling edges down on political standoff concerns

The Kenyan shilling inched down on Friday as traders covered their dollar positions due to concerns about a
The Kenyan shilling inched down on Friday as traders covered their dollar positions due to concerns about a "swearing-in" of opposition leader planned for December 12. PHOTO | FILE | NMG 

The Kenyan shilling inched down on Friday as traders covered their dollar positions due to concerns about a "swearing-in" of opposition leader planned for December 12.

At 0855 GMT, commercial banks posted the shilling at 103.10/20 per dollar, slightly down from Thursday's close of 103.00/10.

Opposition leader Raila Odinga has said he will not recognise President Uhuru Kenyatta, who was sworn into office last month, after a long and bitter electoral contest.

"Sworn in"

Mr Odinga has promised his supporters that he will also be "sworn in" on Tuesday, without giving more details.

The United States has opposed the plan and Kenya's Attorney-General said on Thursday the action could amount to treason.

"It brings back to the fore the political risks that we have been having. This could be the last hurdle," said a currency trader with a commercial bank.