The Kenyan shilling has weakened considerably against the British pound and the euro, losing its winning streak for the first time in a year against the two major global currencies.
As of Tuesday, March 25, figures from commercial banks showed the shilling trading at Ksh167.1 against the pound, with data from the Central Bank of Kenya (CBK) indicating that the shilling depreciated by 2.40 per cent against the pound in March this year.
Local banks also quoted the shilling trading at Ksh139.7 against the euro, with data from the apex bank showing that the local unit had lost 2.97 per cent of its value against the leading currency.
It is worth noting that trading activities in European markets are conducted in euros and pounds.
