NAIROBI (Xinhua) --
The Kenyan shilling gained more ground
against the U.S. dollar Tuesday as the currency
sustained positive growth even as East African nation’s
economy takes a beating from prolonged electioneering
Kenya is set
to hold repeat presidential polls on Oct. 17, which the
opposition has threatened to boycott, with the extended
period putting the total campaign period since March at
the Kenya shilling traded at an average of 102.7 to the
dollar, a gain from 102.8 the previous day.
Bank of Kenya (CBK) on Tuesday quoted the local unit at
102.7 after rising from 102.89, in the previous session
and 103.0 at the end of last week.
banks, on the other hand, placed the value of the
shilling against the dollar at between 102.7 and 102.9,
with traders noting that there was high dollar inflows
which helped to offset demand from oil importers.
the local currency strengthened against the British
Pound to close the day 135.5 from 135.85 in the previous
session. On a year-to-date basis, the shilling has
depreciated against the dollar by 0.4 percent.
according to Cytonn, a Nairobi-based investment firm,
the International Monetary Fund notes that the dollar is
overvalued by between 10 and 20 percent based on
economic fundamentals, which therefore puts shilling at