kenya shilling
kenya shilling

The Kenyan shilling gained slightly against the U.S. dollar on Wednesday as inflows rose amid low demand for the greenback from importers.

The local currency traded against the dollar at an average of 100.30 from Monday’s 100.35 before the Labour Day break.

The Central Bank of Kenya placed the shilling on Wednesday at 100.33 against the dollar up from 100.36 in the previous session.

The East African nation’s commercial banks, on the other hand, quoted the shilling at between 100.15 and 100.35, from lower margins of 100.30 and 100.40.

Forex traders said there was drop in dollar demand from importers but noted a rise in inflows from agriculture sector, which helped offset demand for the greenback propping up the shilling.
Against the British pound, the shilling strengthened to close Tuesday at 137.89 from 138.31 in the previous session.

Analysts at Cytonn, a Nairobi-based investment firm, expect the shilling to remain stable in the short-term against the dollar, supported by huge forex reserves standing at 9.5 billion dollars. Enditem

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