Kenya Shilling Snaps Three-Day Rally on Higher Dollar Demand

Kenya’s shilling snapped a three-day rally, weakening the most in more than a month, on increased dollar demand.

The currency of East Africa’s biggest economy depreciated as much as 0.3 percent to 82.40 to the dollar at 12:39 p.m. in Nairobi.

“The shilling has weakened on increased dollar demand by businesses as they seek to continue to accumulate dollars at existing favorable levels,” Duncan Kinuthia, a dealer at Nairobi-based Commercial Bank of Africa Ltd., said in a phone interview today.

Tanzania’s shilling weakened for a third day, depreciating as much as 0.6 percent to 1,604 to the dollar, and last traded 0.2 percent lower at 1,597.75. Uganda’s shilling appreciated for the first time in three days, gaining as much as 0.5 percent to 2,454 per dollar, and trading 0.1 percent stronger at 2,465.

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