NAIROBI, Dec 28 (Reuters) – Kenya's shilling weakened on Wednesday, due to a build-up in demand for dollars from oil retailing companies, traders said.
At 0820 GMT, commercial banks quoted the shilling at 123.25/45 per dollar, compared with Friday's close of 123.15/25. Kenyan markets were closed on Monday and Tuesday for Christmas and Boxing Day holidays.
Earlier on Wednesday, the shilling hit a fresh record low of 123.30/50 per dollar before recovering, according to Refinitiv data.
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Algeria has set the reference price for crude oil at $60 a barrel through 2023-2025, state news agency (APS) said on Sunday, citing the 2023 budget approved earlier in the day by President Abdelmadjid Tebboune.
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