In a recent report by the London Stock Exchange Group (LSEG), the Kenyan shilling experienced a further decline against the US dollar on Monday.
LSEG is a United Kingdom-based stock exchange and financial information company headquartered in the City of London, England. It owns the London Stock Exchange.
As of October 16, the shilling was trading at 149.35/55 per US dollar, marking a notable drop from Friday’s closing rate of 149.20/40, as per the data provided.
This decline signifies the continuing depreciation of the Kenyan shilling, which has lost 17.4% of its value against the US dollar since the beginning of the year.
During Monday’s trading session, the shilling reached a historical low of 149.40/60, underscoring the currency’s ongoing struggles.
The demand for US dollars, particularly from the energy and manufacturing sectors, has been a contributing factor to this trend. This has further exerted pressure on the Kenyan shilling and caused it to weaken further.
