The shilling was in a risk off trade as foreign institutional investors continued to reduce their exposure to riskier assets. The currency tested the 3900 level and later retreated to trade at 3875/ 85, tracking a similar trend of almost all frontier market currencies with exception of the Kenya shilling that traded flat as the market slowed down ahead of the national elections. The shilling has lost almost 9% of its value since the beginning of the year. In fixed income markets, demand was greater than the amount on offer in the treasury bills. BOU was restrictive by cutting off…
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