NAIROBI: The Kenyan shilling edged down against the dollar on Tuesday in anticipation of increased demand for US currency from importers towards the month end.
At 0720 GMT, commercial banks posted the shilling at 91.60/70 per dollar, slightly weaker than the previous day's close of 91.55/65.
"As we head towards the end of the month, there will be a gradual uptick of demand (for dollars)," said Chris Muiga, a trader at National Bank.
Importers of refined petroleum products and other materials normally buy dollars at the end of every month to pay their suppliers abroad.
The shilling is down 1.3 percent this month mainly due to a firmer dollar.
Comments
Comments are closed.