By GEOFFREY IRUNGUMore by this AuthorKenya’s foreign exchange reserves fell by Sh56 billion in May putting pressure on the shilling that averaged 101.38 units to the dollar at the opening of markets yesterday. On May 24, the shilling weakened above 101 units for the first time since April 11 when it stood at 101.00. At the end of April, the reserves were Sh964 billion ($9.509 billion) having steadily risen since Kenya obtained Sh200 billion ($2 billion) in cash after the floating a sovereign bond in global markets. Last week alone, the reserves fell by about Sh10 billion ($100 million). “The shilling slipped against the US dollar in the week to close at 101.40 level on rising end-month corporate demand.

Source: Daily Nation June 05, 2018 06:33 UTC