NAIROBI, July 7 – Kenya’s and Uganda’s shillings are likely to come under pressure against the dollar next week, while Tanzania’s steadily weakening currency may take brief respite after unusually stiff central bank intervention. Kenya’s shilling is seen weaker against the dollar next week, pressured by expected dollar demand from the energy sector and maize importers, traders said.
Kenya is predicting increased maize importation after the government removed duties in June to address shortages and rising prices of the staple.
At 0822 GMT, the shilling was posted at 89.75/89.85 against the dollar, weaker than last Thursday’s close of 89.35/55
Source: Reuters Africa newsletter
Did you find this information helpful? If you did, consider donating.