NAIROBI: Kenya’s shilling weakened on Thursday, undermined by demand for dollars from importers, especially oil retailers, traders said. At 0736 GMT, commercial banks quoted the shilling at 128.70/90 per dollar, compared with Wednesday’s closing rate of 128.30/50.

The shilling touched a new record low of 128.90/129.10 per dollar at the start of the session, Refinitiv data showed.

The central bank has been selling dollars to the market in small amounts in recent days, traders said, to stem the pressure on the currency.

Kenyan shilling stable; to weaken due to increased importer demand

The bank did not respond immediately to a request for comment but it has said in the past that it only intervenes in the foreign exchange market to curb volatility.