Kenya Shilling Falls on Month-End Dollar Demand by Companies

Kenya’s shilling weakened against the dollar for the first session in three as demand by importers for the U.S. currency increased for end-of-month bill payments.

The currency of East Africa’s biggest economy declined 1 percent to 91.20 per dollar by 11:25 a.m. in Nairobi, heading for its biggest loss since Oct. 11, according to data compiled by Bloomberg.

“There’s some end of month demand for the dollar by the energy sector players and telecommunications as they have shipments falling due,” Duncan Kinuthia, head of trading for Commercial Bank of Africa, said by phone from Nairobi today.

Uganda’s shilling climbed for the first day in five, adding 0.6 percent to 2,583.40 per dollar, while the Tanzanian currency lost 0.1 percent of its value against the dollar to 1,692.

To contact the reporter on this story: Sarah McGregor in Nairobi at smcgregor5@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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