Kenya: The currency of the worlds biggest black tea exporter lost as much as 0.3 percent to 87.02 per dollar, the lowest intraday level since Sept. 26. It was trading 0.2 percent down at 86.92 as of 3:49 p.m. in the capital, Nairobi, extending losses this year to 0.7 percent, according to Business Week. Kenya, which imports all the gasoline it consumes, yesterday announced an increase of about 0.5 percent in the retail price of super-grade fuel. The Central Bank of Kenya was selling 8 billion shillings $92 million of repurchase agreements today to mop up excess amounts of the local currency in the market, it said today on its Bloomberg page. The bank sold 7.75 billion shillings of seven-day repos and 4.2 billion shillings of 15-day term deposits yesterday and Kenyas shilling weakened to its lowest level in more than six months as intervention by the East African nations central bank failed to stem increased demand for dollars from gasoline and manufacturing companies. We have seen an increase in demand for dollars from the energy and manufacturing sectors, Bernard Omenda, head of treasury at Nairobi-based Equatorial Commercial Bank, said by phone.
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