Global fears of a new Covid19 variant first discovered in South Africa caused significant market drops with investors appetites moving to risk-off
KES
Kenya’s shilling dropped to a new record low of 112.46 per U.S. dollar due to a slowdown in importer demand for USD. Market expectations lean towards weakening with raised demand for dollars meeting with inadequate supplies. Eyes will be on the Nov. 29 Kenya interest-rate decision this Monday.
TZS
Tanzania shilling is expected to hold steady with inflows from investors and agricultural exports matching with demand from the manufacturing and energy sectors for USD.
UGX
The Ugandan remained stable on the back of reduced demand for dollars from sectors including telecoms, manufacturing and energy. UGX is moderately overvalued, according to the International Monetary Fund, which may signal a retracement of the 3.5% gains against the dollar this year.