RTRS:Kenya shilling falls vs dollar after key rate decision
NAIROBI (Reuters) - The Kenya shilling weakened by more than one percent against the dollar on Thursday as the market reacted to central bank's less-than-expected rise of its benchmark rate.
At 0612 GMT, the shilling was posted at 95.00/55 against the dollar -- a 1.06 percent depreciation in intraday trade -- weaker than Wednesday's close of 94.25/45.
In a rare emergency meeting, policymakers raised the key lending rate to 7.0 percent and unveiled a range of measures to curb soaring consumer prices, support the nation's battered currency and ease balance of payment pressure on the current account, with a view to winning back market confidence.
However, some analysts said the central bank had failed to act aggressively enough to support the local currency.
