Kenya Shilling Soars as Locals Ditch Dollars After Eurobond Sale
- Investors sell dollars on bets greenback shortage is over
- ‘Don’t do any speculation anymore’: National Treasury’s Kiptoo
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Kenya’s shilling rallied the most in almost 16 years as locals offloaded dollars after the nation’s successful Eurobond sale fueled speculation a shortage of the US currency is over.
The shilling headed for its eighth day of gains — putting it on track for an almost 10% appreciation against the greenback in the period. That’s seen the currency go from second-worst performer in Africa to the strongest in the year so far.