NAIROBI, March 14 (Reuters) - The Kenyan shilling eased against the dollar on Tuesday as foreign-currency demand
from oil marketers and manufacturers outstripped supply from the
tourism sector, traders said.
At 0845 GMT, commercial banks quoted the shilling at
129.40/60 per dollar, compared with Monday's closing rate of
129.20/40.
Refinitiv data showed the shilling hit a record low of
129.80/130.00 on Tuesday before reversing some of its losses.
Kenya has signed deals with UAE's ADNOC and Saudi Aramco for
the supply of petroleum products with a six-month credit period,
a move designed to curb demand for dollars that has contributed
to the local currency weakening more than 4.8% since the start
of the year.
Foreign-currency traders have cast doubt on the ability of
the plan to stem pressure on the shilling, saying it merely
amounts to a postponement of demand.
(Reporting by Hereward Holland
Editing by Alexander Winning)
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