Importers
in Kenya and Tanzania are expected to keep the local currencies under pressure
next week, while low demand for the dollar in Uganda should support the
country’s shilling.
KENYA
Kenya’s
shilling is likely to weaken due to rising month-end demand for dollars against
a trickle of greenbacks into the market, traders said.
By
1230 GMT market on Thursday, commercial banks quoted the shilling at 88.30 to
the dollar, down from last Thursday’s close of 88.05.
“It
looks like the shilling is going to weaken with end-of-month payments of
imports by the oil and manufacturing sectors,” said Sheikh Mehran, head of
trading for I&M bank.
Kenya’s
currency has
