Currencies Heavy dollar demand weakens the shillingA customer at the Goldfiled Forex Bureau where the US dollar traded at Kshs 83 buying and selling at Kshs 84.50. PHOTO | DIANA NGILA | NMGThe shilling weakened further against the US dollar Wednesday to touch the 101 level on a backdrop of heavy buyer demand for the greenback that outweighed support from diaspora and export inflows. Dealers said that dollar demand was coming from the energy and manufacturing sectors, starting an early build-up of the end month dollar demand spike normally seen in the market. “The shilling traded north as foreign currency demand by the importers overwhelmed the dollar suppliers. We expect the local currency to continue being under pressure as dollar demand continues to pick up amid increased vigilance by the Central Bank of Kenya,” said Commercial Bank of Africa in a treasury note.

Source: The North Africa Journal March 20, 2019 19:37 UTC