The currency of East Africa’s biggest economy depreciated as much as 0.4 percent to 85.70 per dollar and was trading 0.1 percent weaker at 85.50 by 2:31 p.m., the lowest since Jan 26, according to data compiled by Bloomberg. The currency has weakened for three days.
“The shilling weakening streak is largely on account of end-month obligations from businesses,” Jeremiah Kendagor, head of trading at Nairobi-based Kenya Commercial Bank Ltd. (KNCB), said in a phone interview.
Kenya accepted all 8.05 billion shillings ($50.3 million) of bids it received for repurchase agreements at a weighted average rate of 17.73 percent, said a central bank official, who declined to be named in line with policy. The bank had offered 9 billion shillings of the seven-day securities, the official said.
Tanzania’s shilling gained 0.3 percent to 1,585 to the dollar and the Ugandan shilling appreciated 0.2 percent to 2,476.05 per dollar.
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