The central bank said on Tuesday the unrest could have knock-on effects, including on the price of oil and on the export of tea, a big foreign exchange earner for Kenya.
Traders cited the situation in Egypt as a factor that could weigh on the shilling.
"Central bank's admitting that our current account deficit is growing and (that) turmoil in Egypt posed a risk might spark importers demand for greenbacks, weakening the shilling further," said a trader at one commercial bank.
The shilling has weakened 1.2 percent against the dollar since July 3, in line with other risky assets, on expectations that the U.S. Federal Reserve will start to unwind its stimulus.
The drop may have been fuelled further by civil unrest in Egypt, the biggest buyer of Kenyan tea. Egyptian buyers were absent in the weekly tea auction on Tuesday.
At 0726 GMT, commercial banks quoted the shilling at 86.75/95 per dollar, barely changed from Tuesday's close of 86.80/87.00.
The central bank kept its main lending rate at 8.5 percent after markets closed on Tuesday, saying it needed to allow earlier rate cuts to filter through.
"Now that the rate decision is behind us, the cornered shilling may get some relief in the immediate term, before resuming its slide versus the greenback on a double whammy of weak domestic fundamentals and global dollar rally," said Commercial bank of Africa in a daily note.
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