@BdAfrica

Shilling weakens on importers’ dollar demand - 13 Mar 2018 15:17

Charles Mwaniki

The shilling weakened in early trading Tuesday as importer demand started creeping into the market. Commercial banks quoted the shilling at an average of 101.28/48 by midday, compared to Monday’s average of 101.05/25. The currency has been enjoying a strong run against the dollar in recent days, nosing towards the 100 level on weak dollar demand. Traders however said there was some renewed demand on Tuesday by corporates especially from oil importers, even as continued inflows from agriculture and diaspora remittances weighed in to ease the pressure. “After a period of resilience, the shilling failed to preserve last week’s gains versus the greenback on account of increased dollar appetite… by corporates taking advantage of the relatively cheap dollar prices,” said Commercial Bank of Africa in a daily currency market note on Tuesday. Overall sentiment however remains positive for the shilling, with a period of stability against the dollar predicted due ...
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