RTRS:Kenyan shilling tumbles vs dollar, eyes 93.00
NAIROBI, Aug 5 (Reuters) - The Kenyan shilling fell
for the sixth straight day to hit a new record low of 92.70
against the dollar on Friday, weighed down by importer demand
for the U.S. currency, especially from the energy sector.
Traders said the local currency could depreciate to 93.00
pushed by demand for dollars by grain importers as the east
Africa's biggest economy, faced with a devastating drought in
the northern part, moves to seal a maize supply deficit.
The shilling has lost 14.97 percent against the dollar in
the year to date.
At 0650 GMT, commercial banks quoted the shilling at
92.55/75 against the dollar, weaker than Thursday's close of
92.20/40.
"Locally we've seen demand coming in from the energy sector.
Coupled with global strengthening of the dollar, it will keep
the shilling on the backfoot," said Sameer Lagadia, head of
trading at Diamond Trust Bank.
"93.00 does look like the next resistance for the dollar."
Traders said they expected the shilling to trade in the
92.00-93.00 range during the session, with a bias for more
weakness.
