The Kenya shilling on Thursday dropped to levels last seen in May as importer demand rose. On the upside Thakar said the country's dollar index has shown strong support at the 90 levels for the last seven consecutive months cushioning the shilling. The dollar index is a measure of the value of the US dollar relative to the value of a basket of currencies of the majority of the U.S.'s most significant trading partners. The shilling has continued being buffed by the country's forex reserves which hit a year high last week. The increased forex reserves indicate the receipt of Sh107.94 billion ($1 billion) Eurobond proceeds, Sh80.96 billion ($750 million) World Bank loan and Sh43.94 billion ($407 million) from the IMF.

Source: The Star July 08, 2021 12:56 UTC