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Bloomberg
Kenya’s shilling is on track for its longest stretch of weekly losses this year, despite the central bank’s efforts to prop up the currency, as concerns about a surge in Covid-19 infections spurred dollar buying by importers.
The East African nation’s currency was trading little changed at 108.72 against the dollar by 9:30 am in the capital, Nairobi, poised for a 0.1% decline. That would cap the longest stretch of weekly losses since the five days ending December 11, and pare the shillings gain this year to just 0.5%.
“Importers are responding to fears of stiffer Covid-19 restrictions by the government given recent increases in infections,†according to AZA.