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Africa, Forex

Kenyan shilling weakens amid excess liquidity

NAIROBI (Reuters) – The Kenyan shilling weakened against the dollar on Tuesday amid excess liquidity in the local money markets, traders said.

At 0843 GMT, commercial banks quoted the shilling at 103.00/20 per dollar, compared with 102.90/103.00 at Monday’s close.

The weighted average, daily interbank lending rate dropped to 2.1855 percent on Monday, compared with 2.4400 percent during the previous session, Refinitiv data showed.

(Reporting by John Ndiso; Editing by Clement Uwiringiyimana)

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