Shilling falls towards 108 to the US dollar

By CONSTANT MUNDA
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Summary

• The shilling on Wednesday edged closer to 108 units against the US dollar for the first time in nearly a month, pressured by higher demand for the greenback than supply.
• The Kenyan currency was quoted at 107.52 on Tuesday, the weakest levels since April 26.

The shilling on Wednesday edged closer to 108 units against the US dollar for the first time in nearly a month, pressured by higher demand for the greenback than supply.

The Kenyan currency was quoted at 107.52 on Tuesday, the weakest levels since April 26.

“The shilling is experiencing temporary weakness as we have been seeing more demand than supply (for the dollar) in recent days. It’s difficult to pin-point the sector which is driving demand,” said a forex trader at a tier one bank.

A weaker shilling means importers spend more to bringing in…