Kenyan shilling advances against USD, crossing into 102 territory

kenya shilling
kenya shilling

The Kenyan shilling advanced further against the U.S. dollar on Thursday to stand at a level last registered six weeks ago amid rise in inflows.

The local currency traded at an average of 102.90 to the dollar on Thursday, rising from 103.00 in the Wednesday session.

The East African nation’s commercial banks placed the value of the shilling to the dollar at between 102.90 and 103.00, noting it had risen from 102.95 and 103.05 margins.

However, the Central Bank of Kenya quoted the shilling at a much stronger position of 102.89 in the Thursday trading from a low of 103.04.

Analysts attributed the surge to rise in inflows especially at the debt market, where Kenya has floated an infrastructure bond worth 388 million dollars.

Besides the inflows, global decline of the dollar as indicated by its index, which shed 9.9 percent in 2017, had also helped bolster the shilling.

Against the British pound, the shilling weakened on Thursday slightly to end the day at 141.92 from 141.79 in the Wednesday session. Enditem

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