{"id":16060,"date":"2024-08-23T08:48:47","date_gmt":"2024-08-23T08:48:47","guid":{"rendered":"https:\/\/www.getufm.co.ke\/?p=16060"},"modified":"2024-08-23T08:48:48","modified_gmt":"2024-08-23T08:48:48","slug":"kenyan-shilling-set-to-strengthen-against-us-dollar-amid-reduced-foreign-currency-demand","status":"publish","type":"post","link":"https:\/\/www.getufm.co.ke\/?p=16060","title":{"rendered":"Kenyan Shilling Set to Strengthen Against US Dollar Amid Reduced Foreign Currency Demand."},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"350\" src=\"https:\/\/www.getufm.co.ke\/wp-content\/uploads\/2024\/08\/treasury_0.jpg\" alt=\"\" class=\"wp-image-16061\" srcset=\"https:\/\/www.getufm.co.ke\/wp-content\/uploads\/2024\/08\/treasury_0.jpg 700w, https:\/\/www.getufm.co.ke\/wp-content\/uploads\/2024\/08\/treasury_0-480x240.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 700px, 100vw\" \/><\/figure>\n\n\n\n<p>The Kenyan Shilling is expected to gain strength against the United States Dollar starting next week, driven by reduced foreign currency demand from fuel importers and manufacturers.<\/p>\n\n\n\n<p>Experts project that the Shilling will stabilize slightly against the dollar as these sectors have begun cutting back on their dollar purchases. As of Thursday, August 22, commercial banks quoted the Shilling at 128.50\/129.50 per dollar, the same level as the previous week.<\/p>\n\n\n\n<p>\u201cI\u2019m hoping a bit more demand might come onto the market, or it\u2019s likely to strengthen,\u201d one expert remarked to Reuters.<\/p>\n\n\n\n<p>The decrease in dollar purchases is anticipated to ease pressure on exchange rates, allowing the local currency to stabilize against the greenback.<\/p>\n\n\n\n<p>This projection follows a period of relative stability for the Shilling, supported by the central bank&#8217;s intervention in exchange rates. Despite a recent downgrade by Moody&#8217;s credit rating agency, which reduced Kenya&#8217;s credit rating from &#8220;B3&#8221; to &#8220;Caa1,&#8221; the Shilling has remained one of the best-performing currencies globally, having gained about 17 percent against the dollar.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Kenyan Shilling is expected to gain strength against the United States Dollar starting next week, driven by reduced foreign currency demand from fuel importers and manufacturers. Experts project that the Shilling will stabilize slightly against the dollar as these sectors have begun cutting back on their dollar purchases. As of Thursday, August 22, commercial [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":16061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[12,3],"tags":[],"class_list":["post-16060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/www.getufm.co.ke\/wp-content\/uploads\/2024\/08\/treasury_0.jpg","_links":{"self":[{"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/posts\/16060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16060"}],"version-history":[{"count":1,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/posts\/16060\/revisions"}],"predecessor-version":[{"id":16062,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/posts\/16060\/revisions\/16062"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=\/wp\/v2\/media\/16061"}],"wp:attachment":[{"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.getufm.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}