Kenya shilling slips in New Year eve trading but ends 2018 higher

kenya shilling
kenya shilling

Kenyan shilling declined marginally against the U.S. dollar in the New Year eve trading on Monday, but the local unit ended 2018 higher against the greenback.

The shilling fell slightly to close the Monday session at 101.84, a minor fall from 101.81 at the end of last week, according to the Central Bank of Kenya.

Analysts attributed the fall to a slight increase in dollar demand as oil and retail importers prepare for the New Year.

But despite the fall, the Kenyan shilling ended the year 1.4 percent higher against the dollar, having begun 2018 at 103.30.

The shilling is expected to remain stable going into the New Year, supported by high forex reserves currently at around 8 billion dollars and improved inflows from agriculture, diaspora and tourism, according to Cytonn, a Nairobi-based investment firm. Enditem

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