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Kenya shilling Drops After Supreme Court Annuls Uhuru Election

Kenya’s shilling weakened 0.44 percent against the dollar on Friday after the country’s Supreme Court declared President Uhuru Kenyatta’s election win invalid due to irregularities committed by the electoral board.

At 0918 GMT, less than an hour after the court’s ruling, commercial banks quoted the shilling at 103.20/40 per dollar, compared with 102.75/95 at Thursday’s close.

“There was a bit of euphoria,” said a trader from a leading commercial bank, referring to market volatility ensuing immediately after the ruling. “If offshore investors panic, the shilling might come under pressure”.

The court ordered fresh elections within 60 days.

Reuters

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