Central Bank steps in as shilling touches 88 photo

THE Central Bank sold an undisclosed amount of dollars early yesterday to support the local currency after it weakened to a new one-year low on strong importer demand for greenbacks, traders said. The shilling fell 0.4 per cent to touch an intraday low of 87.80/88.00 to the dollar, last touched on Jan. 5, 2011, when it hit 89.00. It recovered to trade at 87.50/70 at 0713 GMT after the Central Bank sold dollars, and was still being quoted at the same level at 0739 GMT. "The Central Bank came in to sell dollars again after the shilling touched 88," said a trader at one commercial bank...