Kenyan Shilling Hits Fresh Low On Oil Surge

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The Kenyan shilling weakened to a fresh record low against the dollar, trading at 113.80/114.40 from 113.60/114.20 at last week’s close.

The latest round of pressure came as global oil prices rose to their highest level since 2014, pushing up import costs and leading to inflation.

Kenya’s FX reserves fell further, declining to $8.13bn from just under $8.2bn a week earlier, adequate for 4.97 months of import cover.

The escalating conflict in Ukraine and anti-Russia sanctions are likely to lead to more pressure on the Shilling in the coming days.

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