Kenya Shilling Weakens as Businesses Buy Dollars Before Vote
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Kenya’s shilling weakened, reversing gains made this week, as importers accumulated dollars ahead of elections.
The currency of East Africa’s biggest economy depreciated as much as 0.2% to 87.70 a dollar and traded lower at 87.65 a dollar by 1:08 p.m., snapping yesterday gains, according to data compiled by Bloomberg. The shilling has fallen 1.8 percent this year, compared with a 5.5 percent weakening of the South African rand and 7 percent drop by the Malawian Kwacha, the worst performing African currencies tracked by Bloomberg.