The Kenya shilling has been on a losing streak against the US dollar and other major world currencies for the last couple of days.
According to the official indicative exchange rate by the Central Bank of Kenya, the shilling has slipped from a recovery of 128 to the US dollar, and retreated to nearly 131.
On Monday, the shilling officially opened the week at 130.7299 against the US dollar, 168.8377 against the Sterling Pound, and 142.2995 against the Euro.
Among Forex Bureaus, the shilling performed worse, with the dollar selling at 133 and buying at 132 at Satellite Forex Bureau. On Tuesday, Satellite Forex Bureau opened business with the US Dollar at 132 buying and 133.5 selling, the Euro at 142 buying and 144 selling, and the Sterling Pound at 168.5 buying and 173 selling.
Cost of building three bedroom house in Nairobi, Coast, Nyanza, Central regions
At Pacific Forex Bureau on Monday, the US Dollar was exchanging at 131 buying and 132.5 selling. Among commercial banks, the US Dollar was exchanging at lows of 128 buying and highs of 135 selling.
On Tuesday, the Central Bank of Kenya’s official indicative exchange rate placed the US dollar at a rate of 130.8862. The Euro was at an exchange rate of 142.5351 while the Sterling Pound was at an exchange rate of 169.1900.
Among commercial banks, the NCBA’s forex exchange rate on Tuesday was at 129.50 buying and 135.5 selling for the US dollar, 165.70 buying and 177.47 selling for the Sterling Pound, and 139.58 buying and 148.90 selling for the Euro.
The Kenya shilling has been on a recovery since late January when it hit a historical low of 162 to the US dollar. The turnaround for the shilling was sparked by Kenya’s partial settlement of the Eurobond debt that was due in June 2024, a payment that calmed fears over a potential default.
Since then, the shilling has gone on to recover by up to Sh. 34 and has appeared to stabilize around the Sh. 128 to Sh. 130 mark, with the exchange rate pendulum swinging marginally on both ends.
