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Thursday, February 16, 2023 –In the latest market reports, the Kenyan economy seems to be on downward trend as its shilling goes on losing value against the world’s US dollar.
This is happening as the United States US Federal Reserve continues to raise its rates by 0.25 percent to hit 4.75 percent while the Kenyan Central Bank CBK maintains rates at 8.75 percent.
FXPesa lead analyst Rufas Kamau explained that, while the CBK chose a dovish stance on policy tightening, an aggressive Fed is expected to further stretch the US Dollar-Kenya shilling (USD-KES) exchange rate, which worsened from 123.5 to 124.5 last month in January.
As of now, the Kenyan shilling is currently trading at sh125 to the dollar; this not being a very good value for the African market.
Any strong recovery in the DXY which is the forex benchmark that compares the value of the US dollar to a basket of six foreign currencies could push the dollar-shilling upwards of 130 this month of February.
This is because of the current demand for US treasuries which has continued to rise because of higher interest rates.
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