Kenya's Shilling Eases in Nairobi Trade as Dollar Strengthens Against Euro
Kenya’s shilling weakened for the first day in three against the dollar as the U.S. currency “recovered” on international markets, said Bethuel Karanja, head of trading at CFC Stanbic Bank Ltd.
The currency of East Africa’s biggest economy depreciated as much as 0.1 percent to 80.45 per dollar, where it was trading at 1:08 p.m. in Nairobi. The shilling closed at 80.35 on Dec. 3.
“After the payroll numbers were released it made the dollar weaker across the board, but it is starting to recover a bit,” Karanja said in a phone interview today.
The dollar advanced against 13 of its 16 major counterparts after Federal Reserve Chairman Ben S. Bernanke said a return to a recession in the U.S. “doesn’t seem likely.” The U.S. currency snapped a three-day decline against the euro, appreciating as much as 0.9 percent to 1.3292 per euro. It closed at 1.3414 in New York on Dec. 3.
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