Central bank building in Nairobi. [Photo/Daily nation]The country’s dollar stock on Thursday fell by $62 million (Sh6.43 billion), marking the battle by the Central Bank of Kenya to keep the shilling stable amid increased buying by companies.On Wednesday the CBK said in an update, The foreign exchange reserves dipped to $7.31 billion (Sh758.05 billion) from $7.37 billion (Sh764.27 billion) a week earlier.Since the week ended March 16 The reserves have firmly dipped by a cumulative $234 million (Sh24.27 billion) in five weeks from September 14 and are now at a new low.The CBK said in this week’s bulletin that renewed demand for the dollar by the corporates has put fresh pressure on the shilling.“The performance of the Kenya shilling reflected increased corporate demand for foreign exchange during the review period,” CBK chief dealer said of last week’s slight weakening of the Kenyan unit against major international currencies.Companies have been stock-piling the greenback due to elevated political uncertainty.Increased demand for the dollar raises its value, meaning traders have to part with more shillings to make a buy.The pressure on the shilling has increased this week pushing it closer to Sh104 exchange rate.

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