The Kenyan shilling depreciated against the US Dollar by 2.5% in Q3’2022 to close at Kshs 120.7.
This is in comparison to Kshs 117.8 at the end of Q2’2022.
The depreciation is due to increased dollar demand in the energy, oil and manufacturing sectors.
“The volatility in global financial markets has surged amid significant US dollar strength against major currencies and rapid changes in policy stance in advanced economies in response to inflationary pressures,” the Central Bank of Kenya noted on Thursday.
