Kenya’s shilling weakened the most in more than a week as oil importers sought dollars.
The currency of East Africa’s largest economy depreciated 0.2 percent to 84 a dollar as of 12:32 p.m. in Nairobi, the biggest decline since Aug. 14.
“The shilling is trading within a tight range although we have seen some demand from the oil sector,” Sameer Lagadia, head of trading at Nairobi-based Diamond Trust Bank Kenya Ltd. (DTKL), said in a phone interview today.
Oil rose for a third day in New York after stockpiles declined more than analysts projected and speculation mounted that central banks in the U.S. and China will boost economic stimulus. Kenya imports all the oil it consumes.
The Tanzanian shilling retreated 0.3 percent to 1,575 a dollar, while Uganda’s shilling dropped 0.8 percent to 2,520.50 versus the U.S. currency, the weakest since June 1.
To contact the reporter on this story: Eric Ombok in Nairobi at email@example.com.
To contact the editor responsible for this story: Shaji Mathew at firstname.lastname@example.org