The Kenyan shilling inched further down against the dollar on Tuesday, weighed down by higher demand for hard currencies by importers, and generally poor sentiments about its prospects.
Commercial banks posted the shilling at 108.30/50 per dollar, slightly down from Monday's closing rate of 108.20/30. Traders told Reuters News Agency that there was demand from sectors like energy exerting pressure on the home unit. The trader added that the sentiment was generally for a weaker shilling, due to outflows from the local bourse caused by offshore investors seeking safety in the face of the coronavirus crisis.
