NAIROBI: Kenya’s shilling weakened to a fresh record low on Monday due to increased demand for dollars from general goods importers, and was expected to lose further ground during the week due to pressure from oil retailing companies, traders said.

Kenyan shilling weakens; oil retailer dollar demand weighs

At 0715 GMT, commercial banks quoted the shilling at 123.60/80 per dollar, a new record low, according to Refinitiv, compared with Friday’s closing rate of 123.45/65.