The Kenyan shilling is stumbling again, and this time it's got company—sort of. African currencies are doing their own thing right now, splitting off in different directions like they've each got their own agenda. The shilling? It's heading south.
USD/KES hit 129.50 on November 28, 2025, dropping 0.23% in a single session. Not great. The currency has been sliding throughout the month, with rates bouncing between 129.16 and 130.00 KES. Early November saw levels around 129.19 to 129.21, but the shilling's been weakening steadily. The past month hasn't been kind.
Looking at 2025 as a whole, the picture isn't much prettier. The average exchange rate stood at 129.33 KES per USD. The year's peak came early—February 2, 2025 hit 130.7079 KES. The lowest point? March 30 at 127.9603 KES. That's a spread of roughly 2.75 KES across the year, which means volatility wasn't exactly absent.
The dollar's been gaining ground consistently. Between September and October 2025, it appreciated 0.09%. From October 2024 to October 2025, the shilling depreciated 0.10%. Small numbers, sure, but they add up. The mid-year months showed relative stability—April hovered around 129.23 to 129.26 KES, May stayed between 129.35 and 129.50 KES, and July maintained 129.42 to 129.47 KES levels.
October 2025 recorded 129.2186 KES per USD, down 0.09% from September's 129.3412 KES. August was 129.3167 KES. The trend? Slow erosion.
What's next? Forecasts suggest December 2025 could push rates toward 130.39 KES. That's a clear growth trajectory for the dollar, meaning more pain for the shilling. The depreciation trend looks set to accelerate into the fourth quarter, with projections extending through 2030.
Meanwhile, other African currencies are doing their own dance. Some are holding up, others aren't. Regional monetary policies and economic conditions are driving this divergence. The shilling's weakness is happening while its neighbors show varied responses to dollar pressure. As a trading pair in the forex market, the USD/KES represents the exchange rate between the US dollar and Kenya's national currency. Traders watching the Ghanaian Cedi should note similar market drivers affecting currency pairs across the African forex landscape. The foreign exchange market continues to show pressure on the shilling as global dollar strength persists. It's a split performance across the continent, and Kenya's currency isn't on the winning side right now.
