The Kenyan shilling made a huge gain against the U.S dollar on Thursday to clock over six months high.
The shilling rose to trade at an average of 101.45 against the dollar in the Thursday session, nearing a level last seen in early June, according to the Central Bank. On Wednesday, the currency exchanged against the dollar at 101.80.
The shilling has been on a rally for the better part of this month, where it started at 103.28 and Thursday’s surge was the biggest in a trading session.
The increase was attributed to the rise in foreign inflows that helped offset dollar demand from merchandise importers.
The country’s forex reserves remain strong at 8.9 billion dollars, according to the Central Bank, thus, have helped to keep the shilling on winning streaks against the dollar. Enditem