By BUSINESS DAILY More by this AuthorThe official exchange rate of the shilling against the dollar on Monday crossed the 150-unit mark following a period of sustained and consistent depreciation that has narrowed the gap between the official and retail selling rates of the US currency. The Central Bank of Kenya (CBK) indicative rate published Monday morning showed the dollar’s buy price at Ksh149.84 and a selling rate of Ksh150.04 units, hence an average of 149.94. Read: Kenya shilling to weaken furtherThe spot or average trading rate had climbed to Ksh150.03 in the afternoon. AdvertisementForex bureaus, meanwhile, quoted dollar selling prices of between Ksh156.50 and Ksh157 while buying at between Ksh152 and Ksh153. Overall, we have seen the spread between retail and official selling price of the dollar come down to between Sh4 and Sh6, from double digits in the first quarter,” said a dealer.

Source: Daily Nation October 24, 2023 10:15 UTC