Kenyan Shilling plunges against dollar since William Ruto’s victory – Nairametrics
Kenya’s currency, the shilling weakened against the dollar on Tuesday as the country’s election commission announced Deputy President, William Ruto winner of the country’s election the day before.
On Monday, August 15th, the Kenyan shilling was trading at 119.25 shillings per dollar but fell to its lowest level against the greenback on Tuesday, trading at 199.50 shillings.
The currency of East Africa’s largest economy has fallen by 6.46% against the US dollar since January. Kenya’s incoming President would have to confront concerns about dollar supply head-on.
Furthermore, a survey by Afrobarometer says nine out of ten Kenyans believe the economy is not doing well. William Ruto, being president of Kenya would have four years to change this perception of the economy.
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© 2022 Nairametrics
© 2022 Nairametrics