Kenyan shilling falls after Supreme Court nullifies election

The Kenyan shilling slipped to 103.2 against the dollar moments after the August 8 Presidential election was nullified

The Kenyan shilling on Friday slipped to 103.2 against the dollar after the Supreme Court nullified the August 8 presidential election.

Commercial banks quoted the shilling at 103.20/40 per dollar, compared with 102.75/95 at Thursday’s close.

Trading at the Nairobi Securities Exchange stopped temporarily because of panicky transactions, especially by foreign investors.

“Markets hate uncertainty and clearly the Supreme Court’s decision has injected an unprecedented amount of uncertainty into the equation.

"The markets have a clear preference for the largely free market economics of President Kenyatta and hence the sharp and precipitous drop,” Aly-Khan Satchu, the chief executive of Rich Management, an investment advisory firm is quoted by Business Daily.

The Supreme Court on Friday morning ordered fresh elections within 60 days after declaring President Uhuru Kenyatta’s election win invalid due to “irregularities and illegalities” committed by the country’s electoral body.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Amazing transformation of 21-year-old man bullied for being born different (video)

Amazing transformation of 21-year-old man bullied for being born different (video)

Abel Mutua's movie makes over Sh4M in 5 days

Abel Mutua's movie makes over Sh4M in 5 days

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

5 things you should never do to please a woman

5 things you should never do to please a woman

Sh79,000 per month jobs for Kenyans without degrees

Sh79,000 per month jobs for Kenyans without degrees

British MP claims she didn't know her flat was owned by the Kenyatta family

British MP claims she didn't know her flat was owned by the Kenyatta family

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Tiwa Savage breaks silence after her raunchy tape leaked online [Screenshot]

Tiwa Savage breaks silence after her raunchy tape leaked online [Screenshot]

Diamond Platnumz splashes Sh5.2 Million on new Gold & Diamonds Chain [Video]

Diamond Platnumz splashes Sh5.2 Million on new Gold & Diamonds Chain [Video]