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Kenya Shilling slides further against US dollar

 The Kenya Shilling continued to weaken against the world ‘s major currencies, especially the US dollar and the Pound Sterling, but rallied against the besieged euro as financial markets re-opened Wednesday a fter Tuesday’s break.

The Central Bank of Kenya (CBK) valued the Shilling at 79.89 to the US dollar We dnesday, down from 79.74 Monday, before the financial markets took a break for celebrations marking Kenya’s 47th anniversary of independence f or Britain.

However, the Shilling strengthened against the troubled euro, which has been on a four-year low against the dollar and other major currencies due to the region’s ballooning debt crisis.

The Shilling traded 97.57 to the euro, compared to Monday’s 98.18 but weakened d rastically against the Pound Sterling, trading at 117.62 compared to Monday’s 115.48.

On the regional front, the Kenya Shilling strengthened marginally against the Ta nzanian Shilling, the Ugandan Shilling and the South African Rand. The Kenyan currency bought 17.93 Tanzanian Shillings, compared to Monday’s closing of 17.80.

It also rallied against the Ugandan Shilling, with each Kenyan Shilling trading at 28.03 Uganda Shillings compared to Monday’s 27.74.

Uganda is Kenya’s largest single export destination, accounting for 56 percent o f Kenya’s entire export volumes.

The Kenyan currency gained ground slightly against the South African Rand, excha nging at 10.33 on Wednesday, against 10.46 on Monday.

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