Shilling eases against dollar
Aug 12, 2006
THE shilling edged down against the dollar, undermined by corporate demand and sluggish inflows in the week to Friday, dealers said.
By Sylvia Juuko
THE shilling edged down against the dollar, undermined by corporate demand and sluggish inflows in the week to Friday, dealers said.
The shilling closed the week at 1,846/1,851 compared to last week’s rate of 1,837/1,842.
“We have seen slight depreciation pressures owing to some corporate demand and short positions carried by banks,†David Bagambe, dfcu Bank’s chief dealer, said.
Dealers said the shilling, which opened stronger, hit the 1,850/1,855 level on Thursday, but retreated to Friday’s closing level of 1,846/1,851 per dollar.
“We expect this gradual depreciation to continue next week,†Standard Chartered’s G. Makoko said.
THE shilling edged down against the dollar, undermined by corporate demand and sluggish inflows in the week to Friday, dealers said.
The shilling closed the week at 1,846/1,851 compared to last week’s rate of 1,837/1,842.
“We have seen slight depreciation pressures owing to some corporate demand and short positions carried by banks,†David Bagambe, dfcu Bank’s chief dealer, said.
Dealers said the shilling, which opened stronger, hit the 1,850/1,855 level on Thursday, but retreated to Friday’s closing level of 1,846/1,851 per dollar.
“We expect this gradual depreciation to continue next week,†Standard Chartered’s G. Makoko said.