The Kenyan shilling eased slightly against the U.S. dollar on Monday amid rising demand for the greenback by importers.
The shilling traded to the dollar at an average of 100.26 on Monday, a marginal decline from 100.25 in the Friday session.
The Central Bank of Kenya quoted the shilling at 100.26 to the dollar, trading lower from 100.22 in the previous session.
The East African nation’s commercial banks, on the other hand, quoted the shilling at between 100.25 and 100.35, with the margins remaining unchanged.
Currency traders attributed the easing of the shilling to growing demand for the dollar by manufacturers and oil importers. Against the British Pound, the shilling edged down to close at 130.67 from 136.17 in the previous session.
The Kenyan shilling appreciated by 0.5 percent against the dollar in April to stand at 100.40 from 100.80 at the end of March due to of increased offshore investor inflows. Enditem