Kenyan Shilling Reverses Recent Gains Against US Dollar, Depreciates Slightly » Capital News

NAIROBI, Kenya, April 22 – There has been a slight depreciation of Sh1.44 of the Kenyan shilling against the United States dollar.

The greenback is now exchanging for Sh131.44, up from Sh130.35 as of last week, according to the latest statistics from the Central Bank of Kenya.

According to the CBK data, this is the first depreciation the local unit has experienced in the past two months.

Major forex bureaus in Nairobi also indicate that the local unit has depreciated against the USD.

The Sky Forex Bureau is now buying one dollar at Sh134 and selling it at Sh138.

As of April 4, 2024, the bureau was buying the dollar at Sh120 and selling it at Sh133.50.

As of the end of March, the Kenyan shilling gained 16 percent in the first quarter of 2024 to stand at Sh131.8 to the US dollar, which marked a gain from Sh161.36 at the end of January.

The shilling’s gain was attributed to the stable foreign exchange reserves, which stood at 7.1 billion dollars at the end of the first quarter.

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