Kenyan shilling weakens as banks cover short dollar positions

By Reuters

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Kenya shilling coins and notes are pictured inside a cashier's booth at a forex exchange bureau in Kenya's capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya

NAIROBI– Kenya’s shilling weakened on Thursday due to commercial banks covering their short dollar positions a day after the shilling strengthened to a one-year high.

Kenya shilling coins and notes are pictured inside a cashier’s booth at a forex exchange bureau in Kenya’s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya

At 0623 GMT, commercial banks quoted the shilling at 102.55/75 to the dollar, compared with Wednesday’s close of 102.20/40, which was also a one-year high.