One US dollar was equivalent to 150.04 Kenyan shillings on Monday, marking the first time in history the East African nation's currency was exchanging at that rate.
The Central Bank of Kenya (CBK) also placed the value of one Sterling Pound at 182.23 Kenyan shillings, while the Euro traded at 158.67 Kenyan shillings.
In the unofficial market, however, a single US dollar traded at higher rates on Monday, with some forex outlets selling the dollar at 156 Kenyan shillings (Ksh).
The CBK recommends that commercial banks and forex traders should buy the dollar at Ksh149.84 and sell it at Ksh150.04, while the Sterling Pound should be bought at 181.93 and sold at Ksh182.23.
According to the CBK, banks should buy the Euro at Ksh158.54 and sell it at Ksh158.67.
Net importer
"The Central Bank (of Kenya) does not set the exchange rate; it is determined by the market, or supply and demand. Individual forex bureaus and commercial banks set their own rates, which are held to reasonable levels of variance and margins due to competition in the market," the CBK said on its website on Monday.
The weakening of the Kenyan currency is attributed to high public debt, depleted government revenues, and the strengthening of the US dollar in the global market, mainly as a result of several crises, including Ukrainian and Middle East conflicts.
Kenya is also a net importer of goods, meaning it imports more than it exports, thus affecting the inflow of foreign currency.
Kenyan President William Ruto said on Sunday that he was "happy to lead a nation during difficult times", expressing confidence that Kenyans made the right decision in electing him to office, promising to improve the economy.
