Nairobi, April 3 -- French oil major Rubis took a forex loss of 19 million Euros (Sh3.2 billion) in the Kenyan market last year amid a sharply depreciating shilling that saw revenues contract by Sh19 billion.

The oil firm says in a trading update that Kenya and Nigeria were its two markets most hit by the difficulties in accessing dollars, hitches that forced dealers to take currency swaps as a hedge against forex shortages and a deteriorating exchange rate.

The Rubis Kenyan operation last year posted revenues of 886 million Euros representing a drop of 11 percent as reported in euros -the financial reporting currency of the multinational- from 996 million Euros in 2022 amid a drop in demand for fuel.

The shilling remained on a free-fa...