The Kenya shilling ended the week Friday higher against the U.S. dollar amid increase in inflows from various sectors, including agriculture.
The local currency traded at an average of 103.10 against the dollar, up from 103.14 in the Thursday session.
The Central Bank of Kenya placed the shilling in the Friday trading at 103.09 per dollar from 103.14 in the Thursday trading.
Commercial banks in the East African nation, on the other hand, put the shilling at an average of between 103.00 and 103.15 to the dollar, a rise from 103.10 and 103.20.
Currency traders in the financial institutions noted the increase of the shilling was due to inflows from the agriculture sector as well as remittances from diaspora.
Against the British Pound, the shilling equally strengthened to close the week at 139.50 from 139.52 on Thursday.
Analysts at Cytonn, a Nairobi-based investment firm, expect the shilling to rise in the next trading sessions mainly due to rising inflows amid stifled demand for dollars from importers. Enditem