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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling weakens as top court explains why it annulled polls    

NAIROBI (Xinhua) -- Kenya shilling weakened slightly on Wednesday as the Supreme Court delivered its full ruling on why it cancelled President Uhuru Kenyatta’s win in Aug. 8 polls.

The shilling traded at an average of 103.3 against the U.S. dollar, down from Tuesday’s position of 103.1.

The Central Bank of Kenya (CBK) placed the value of the local currency to the dollar at 103.28, down from 103.14 in the previous session.

On Tuesday, the shilling weakened against the dollar by 0.11 percent to close at 103.14, from 103.03 on Monday.

On the other hand, during Wednesday’s trading, commercial banks quoted the value of the shilling against the dollar at a weaker level of between 103.25 and 103.45 as traders attributed the fall to political uncertainty in the east African nation.

The Supreme Court ruling, which indicted the electoral commission for flawed elections, had also unsettled the shilling, analysts noted.

Against the British pound, the shilling traded at 139.62, a slight gain from 139.89 in the previous trading session.

Observers say Kenya has enough foreign exchange reserves to cushion it from pressure from international currencies.

Last week, the reserves surpassed five months of import cover for the first time since early August to stand at 7.5 billion dollars.

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Kenyan shilling loses ground as apex bank retains key rate 

By Bedah Mengo NAIROBI, (Xinhua) -- The Kenyan shilling lost ground against the U.S. dollar on Monday as the Central Bank’s monetary policy committee (MPC) retained its key rate.

The MPC sat on Monday in a much-awaited meeting and retained the apex bank’s rate at 10 percent, as in the previous months.

The shilling traded against the U.S. currency to cross past the 103 average as it lost gains from last week Friday session.

The Central Bank of Kenya (CBK) quoted the value of the currency against the dollar at 103.03 down from 102.84 on Friday.

Commercial banks, on the other hand, placed the value of the shilling to the dollar at even a lower level of between 103.10 and 103.30.

Against the British pound, the shilling traded at 139.97, a huge decline from Friday’s close of 137.34. 

The Kenyan shilling appreciated against the dollar by 0.1 percent last week to close at 102.9 from 103.0 the previous week due to depreciation of the dollar in the global markets.

“In our view, the shilling should remain relatively stable to the dollar in the short-term, supported by both the weakening of the dollar in the global markets and the Central Bank’s activity as they have sufficient forex reserves, currently at 7.5 billion dollars,” said CBK.

           

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