President William Ruto took pride as the Kenya shilling registered a strong performance against the US dollar and other global currencies....CONTINUE READING
The shilling hit KSh 127 against the US currency on Sunday, April 14, as Ruto projected a further fall in dollar value.
However, on Monday, April 15, the local currency registered a slight decline against the greenback, sparking debate among Kenyans.
FX Pesa market analyst Rufas Kamau explained that the rising demand for imports in the country could push the shilling back to ‘free fall’.
Kenya shilling has been registering a slight decline against the United States dollar since Monday, April 15. The local currency fell from KSh 127.2 units against the greenback on Sunday, April 14, to trade at KSh 131 on Monday.
The trend continued on Tuesday, April 16, as the shill exchanged at KSh 132 per dollar, falling further to KSh 132.5 on Thursday, April 18.
In an exclusive interview with TUKO.co.ke, FX Pesa market analyst Rufas Kamau explained that the growing demand for imports will pose pressure on the dollar reserve, leading to a fresh shortage.
Kamau also cited the rising US interest rates at 3.5% as of March 2024, saying that the federal reserve is likely to hold rates higher to strengthen the dollar.
The latest decline in the value of the shilling caught the attention of many Kenyans, sparking mixed reactions online..<<CONTINUE READING>>
