(Reuters) – The Kenyan shilling traded at a new low of 101.0 against the dollar on Monday, driven weaker by strong dollar demand from importers, telecoms and energy companies, traders said.
“Corporates are really buying (dollars). It’s not been a single big ticket but telecoms, oil importers, retailers. It’s across the board,” said Dickson Magecha, a trader at Standard Chartered Bank in Nairobi.
The currency in east Africa’s biggest economy has been in free fall in recent weeks on the back of the euro woes and concerns about domestic monetary policy-making. (Editing by Richard Lough)
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