Dollar demand from importers as global economies ease business and movement restrictions occasioned by Covid-19 continues to hurt the shilling, trading 107.15 against the greenback on Monday. ''Traders world over are slowly returning to business and they are looking for the US dollar, the universal currency. The Kenya shilling dropped to its lowest level in valuation against the dollar crossing the Sh105 mark on March 19, the first time since September 29, 2015. Besides the growing demand for the dollar after Kenya reopened the economy on July 4, experts are blaming the excess liquidity in the local market to the shilling’s weakness. This was precipitated by investors’ appetite for government papers that saw both T-bills and bonds advertised oversubscribed.

Source: The Star July 13, 2020 14:01 UTC