The shilling lost ground against the
dollar on Thursday, after companies bought the U.S. currency to avoid excessive
exposure to the shilling over concerns about how the government would fund its
new national budget.
The shilling traded at 87.90/88.00
to the dollar, weaker from Wednesday's close of 87.70/80.
The shilling has been
on the back foot and has fallen nearly 2 percent against the dollar since
January.
Finance Minister Henry Rotich is
scheduled to present the government's 2014/15 annual budget that runs from July
offering markets a broader guide to the direction of east Africa's biggest
economy.
Kenya's budget is set at about Sh1.8
trillion shillings (USD20 billion) but traders said there were concerns about
how the Government would raise that money.
Rotich will include the latest guidance on
growth, inflation and borrowing projections.
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