Days after Kenya's first lady Rachel Ruto attributed the Kenyan Shilling’s gain against the US Dollars to prayers, the currency has embarked on another downward trajectory. 

On Friday, April 19, 2024, the Kenyan Shilling traded at Ksh133.55 against the US dollar, a consistent drop in five straight days.

This was after Ms Ruto said that the Kenyan Shilling gained against the US dollar after prayers, which also brought the heavy rains experienced countrywide. 

"We have seen that our shilling has gained strength (after prayers that also brought rain). The shilling had gone up to 160, it was heading for 165. One day it gained up to 140, the next day 140, 135, and it is still gaining. Let me ask you if it is not God, who is it?”

Initially, the Kenyan Shilling had reached a record low of ksh163.99 against the US dollar on February 4, 2024, before gaining up to ksh127.16 on April 8, 2024, against $1.

Subsequently, various news outlets lauded the Kenyan currency as one of the best-performing currencies in the world against the US dollar. 

However, economic experts have cast doubts on the Kenyan Shilling’s ability to hold ground against the American currency.

The Kenyan Shilling's decline was fuelled by a lack of dollar inflows, in a country that is a net importer.

While the country embarked on a global borrowing spree to fix the depreciating Shilling, none of the underlying economic conditions that fuelled the dollar shortage has been addressed.