Shilling on the slide
Apr 09, 2006
THE shilling edged lower against the dollar during the week to Friday, undermined by corporate demand, dealers said.
By Sylvia Juuko
THE shilling edged lower against the dollar during the week to Friday, undermined by corporate demand, dealers said.
The shilling closed at 1,821/1,826 to dollar, compared to 1,822/1,827 quoted the previous week.
Dealers said demand for dollars from corporate clients, pushed the local unit down to 1,827/1,832 by Wednesday but retreated after corporate demand waned.
“Trading tempted to depreciate the shilling above 1,830 as corporate demand increased above the 1,825 level due to limited supply,†StanChart’s chief dealer, Joram Ssozi, said.
THE shilling edged lower against the dollar during the week to Friday, undermined by corporate demand, dealers said.
The shilling closed at 1,821/1,826 to dollar, compared to 1,822/1,827 quoted the previous week.
Dealers said demand for dollars from corporate clients, pushed the local unit down to 1,827/1,832 by Wednesday but retreated after corporate demand waned.
“Trading tempted to depreciate the shilling above 1,830 as corporate demand increased above the 1,825 level due to limited supply,†StanChart’s chief dealer, Joram Ssozi, said.