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This study was motivated by over a quarter of a century of exchange rate volatility, the persistent problem of budget deficit in Kenya, and the importance of the two in the economy, which explains their inclusions in the convergence criteria for the East Africa Community. Exchange rate volatility exposes the participants of international markets to the risk of loss and thus disturbs the optimal allocation of resources. Despite effort made by past studies to explain exchange rate volatility, there exists controversy in their findings, with a counterargument being provided for each assertion....