Kenya Shilling Weakness Seen Persisting on Virus Fallout Fears
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Kenya’s shilling extended its longest stretch of weekly losses this year and is seen on the back foot as concerns about the impact of the coronavirus pandemic on economic activity pile pressure on the currency.
The currency of East Africa’s largest economy depreciated as much as 0.2% to 109.37 against the dollar, the lowest level in four months. The shilling was trading 0.1% lower at 109.25 by 2:40 p.m. in the capital, Nairobi, marking its eighth straight day and fifth consecutive week of losses, according to data compiled by Bloomberg.