The Kenya shilling surged considerably against the U.S. dollar on Thursday to hit a level last seen in November 2016.
The shilling traded at an average of 101.95 against the greenback, a major climb up from 102.37 in the trading session on Wednesday.
The Central Bank of Kenya quoted the shilling at 101.99 in the Thursday trading, a significant rise from 102.35 the previous day.
Commercial banks in the East African nation, on the other hand, put the shilling at between 101.80 and 102.00 for every dollar, a rise from 102.20 and 102.40 at the close of Wednesday.
Currency traders in the financial institution attributed the biggest climb of the shilling in months to two things.
First was a rise in inflows from various sectors which helped to offset dollar demand and second, the fading away of the political storm caused by the swearing-in of opposition leader Raila Odinga as the “People’s President” on Tuesday. Enditem
