Shilling weakens to six-month low

A currency dealer counts Kenya shillings at a money exchange counter in Nairobi October 23, 2008. 

Shilling hits six-month low. The shilling yesterday came under pressure, plunging to a six-month low as Kenya’s import bill shot up.

The weakening has been attributed to heightened US dollar demand from oil companies, food importers and firms paying dividends to investors abroad.

Reuters quoted traders, saying Central Bank had moved to cushion the currency by mopping up excess liquidity. [Dominic Omondi] 

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