Unrelenting Pressure Sees Kenyan Shilling Drop 60 Straight Days
- Rising interest rates and inflation add to currency volatility
- Forex reserves declining and balance of payments deteriorating
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Kenya’s shilling dropped to a new record after 60 straight days of declines, its longest losing streak in data going back to 1988.
The shilling traded 0.1% lower at 130.15 to the dollar as of 10:55 a.m. in Nairobi, extending its year-to-date loss to more than 5%.