THE shilling has depreciated to the lowest level since January after crossing the 1,600/- mark against the US dollar last week, due to high demand by the industrial and service sectors.
Since the beginning of this year the shilling has been trading at between 1,550/- and 1,590/- for the greenback. But lost much ground on Thursday and drop to 1586/1608, as quoted by many commercial banks.Money market analysts, however, said the trend is short-term and expected to return to normal in the near future, particularly once fuel shortage stabilises. At presenmt oil importers increase the demand for US dollars.
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