Browsing: Oil sector activitity pushes dollar demand

Kenya shilling depreciates 2022
  • The Kenya Shilling depreciated by 0.9% against the US Dollar to close the month of November at KSh 122.4, from KSh 121.3 recorded at the end of October 2022
  • A Cytonn Investments report has partly attributed the depreciation to increased dollar demand from importers, especially oil and energy sectors, against a slower supply of hard currency
  • The report said it expects the Kenya shilling to remain under pressure for the rest of the year owing to several factors, such as rising oil prices

The Kenya Shilling depreciated by 0.9% against the US Dollar to close the month of November at KSh 122.4, from KSh 121.3 recorded at the end of October 2022.

A report by Cytonn Investments has partly attributed the depreciation to increased dollar demand from importers, especially oil and energy sectors, against a slower supply of hard currency.

For instance, in the last week of the month, the …