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Kenya Shilling Weakens as Businesses Start Accumulating Dollars

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Oct. 18 (Bloomberg) -- Kenya’s shilling weakened for the first time in a week as businesses started to accumulate dollars to meet month-end obligations.

The currency of East Africa’s largest economy weakened as much as 0.2 percent to 85.25 per dollar and was trading 0.1 percent lower at 85.15 a dollar by 3:01 p.m., in Nairobi, the capital.

“The shilling is oscillating within a narrow band with businesses trying to accumulate at favorable levels as we head toward the month-end where demand for dollars is expected to pick up,” Jeremiah Kendagor, head of trading at Nairobi-based Kenya Commercial Bank Ltd., said by phone.

The Central Bank of Kenya sold 6.05 billion shillings ($71 million) of seven-day repurchase agreements, an official who asked not to be identified in line with policy, said by phone.

Tanzania’s shilling weakened less than 0.1 percent to 1,580 a dollar, while the Ugandan shilling depreciated by less 0.1 percent to 2,575.45 per dollar.

To contact the reporter on this story: Johnstone Ole Turana in Nairobi at jturana@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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