NAIROBI (Xinhua) --
The Kenya shilling strengthened against the
U.S. dollar on Friday ending the week higher as inflows rose
amid support from the Central Bank.
The shilling ended
the week at an average of 103.8 having gained about 0.08
percent since the start of the week.
The apex bank
quoted the shilling Friday at 103.84, down from 103.91 on
Wednesday, with the level being the strongest since the
currency fell six months low a fortnight ago.
On the other hand,
commercial banks placed the value of the shilling against the
dollar at between 103.80 and 103.95, with traders citing high
dollar demand from retail importers, but this had been offset
by inflows from agricultural sector.
The shilling has
been under pressure for close to two weeks following increased
dollar demand from multinationals, oil and retail importers.
Patrick Njoroge further blamed the fall of the currency to
speculative trading ahead of the Aug. 8 polls.
Central Bank supported the shilling by selling unspecified
amount of dollars to offset high demand.
Latest data from
the regulator showed that close to 100 million dollars have
been used to support the shilling after hitting six-month low.
The reserves in
the period have fallen to 7.8 billion dollars months of import
cover down from 7.9 million dollars.