Kenya’s Shilling Hits New Record Lows as Trade Deteriorates
- Shilling reached all-time low of 126.21 per dollar on Tuesday
- Increased demand for dollars has outstripped current supply
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Kenya’s shilling is hitting fresh record lows every day and the currency is seen depreciating further as the East African nation’s terms of trade weaken.
The currency fell to more than 126 per dollar for the first time on Tuesday, taking its losses since the start of the year to over 2%. It has slid for 41 straight days, the longest losing streak since 1988, according to data compiled by Bloomberg.