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Kenyan Currency Heads for 14 Months of Decline Ahead of Election

  • Shilling hits its weakest intraday level at 119.03 per dollar
  • Outcome of elections on Aug. 9 could drive unit either way

Kenya’s shilling is poised for 14 straight months of depreciation against the dollar and may come under additional pressure from national elections scheduled for Aug. 9.

The currency of East Africa’s largest economy reached its weakest intraday level of 119.03 in early Monday trading. The unit has dropped 5% since the start of the year and a close at the current level would indicate that the dollar-shilling is overbought, according to the 14-day relative strength index.