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Kenyan Shilling Weakens After Central Bank Reject Bids Offered

Kenya’s shilling weakened as the central bank day removed less money from the market than it was offered in bids for repurchase agreements.

The currency of East Africa’s largest economy depreciated as much as 0.2 percent to 84.15 a dollar, the biggest fall since Aug 2., and was trading 0.1 percent lower at 84.05 per dollar by 3:10 p.m., in Nairobi, the capital.

The Central Bank of Kenya sold 3.95 billion shillings ($47 million) of seven-day repurchase agreements at a weighted average yield of 10 percent, an official, who asked not to be identified in line with policy, said today. The bank received bids of 10.2 billion shillings, the official said by telephone from Nairobi. The bank also sold 50 million shillings of 14-day term auction deposits at a weighted average yield of 10.14 percent, he said.

“The shilling has weakened on improved liquidity as witnessed by the bids received for the seven-day repurchase agreements and term-auction deposits,” John Muli a dealer at Nairobi-based African Banking Corp., said by phone today.

The Tanzanian shilling weakened 0.1 percent to 1,575 to the dollar, while Uganda’s shilling gained as much as 0.4 percent to 2,478.98 versus the U.S. currency, the biggest gain since July 17 on a closing basis.

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