Kenyan Shilling Holds Against U.S. Dollar as Pound, Euro Gain - CBK

According to the latest data, the pound gained Ksh2.14 this week, pilling on pressure on the Kenyan Shilling and traders eyeing goods from the UK.

The Kenyan shilling has edged closer to Ksh130 against the U.S. dollar in the week ending November 6, while losing ground against the British pound and the euro, according to the Central Bank of Kenya (CBK).

The shilling closed the week at Ksh129.96 against the dollar, unchanged from last Friday, even as traders told Reuters they foresee the currency remaining stable.

The rate left the local currency just Ksh0.04 below the Ksh130 mark, which has remained a major talking point for the government.

However, the shilling weakened against the British pound, which rose to Ksh175.18 from Ksh173.04 in the week ending October 29.

The euro also gained against the Kenyan shilling, climbing to Ksh146.27 from Ksh144.78.

A review of data shared by the CBK showed that the moves raised the cost of buying both European currencies with the shilling.

Source: Kenyans.co.ke