By BUSINESS DAILY More by this AuthorThe Kenyan shilling has extended its losses against the US dollar to surpass its overall drop last year despite the revamp of the interbank forex market in March. President William Ruto expected the re-opening of the interbank forex market to reinvigorate price discovery to yield gains for the local currency. Read: Kenya shilling hits 150 against US dollarAdvertisementDespite expecting the unit to ease back to Ksh120 levels against the US dollar on improved liquidity in the interbank market, the local unit has posted losses of 13.21 percent since the president warned speculators. The weakening of the local unit has been attributed to the emergence of a stronger dollar alongside the dip in Kenya’s official forex reserves. Analysts widely expect the local unit to sink further by the end of the year on deteriorated macroeconomic and external factors.

Source: Daily Nation September 14, 2023 14:52 UTC