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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

 

Kenya shilling gains as focus moves to Supreme Court petitions

NAIROBI (Xinhua) -- The Kenya shilling gained more ground against the U.S. dollar on Tuesday even as President Uhuru Kenyatta’s win in controversial Oct. 26 repeat polls was once again challenged at the Supreme Court.

At least two petitions were filed on Monday at the apex court to challenge Kenyatta’s win further delaying his inauguration, which had been expected on Nov. 14.

The shilling traded at an average of 103.60 to the dollar up from 103.67 in the previous session on Monday.

The Central Bank of Kenya placed the local unit at 103.62, a gain of 0.04 percent against the dollar during the session.

On the other hand, commercial banks in the East African nation placed the currency at between 103.55 and 103.75 up from 103.60 and 103.80 against the dollars.

Forex traders at the financial institutions attributed the gain to reduced dollar demand from importers, in particular manufacturers and oil traders, amid rising inflows.

However, they noted that the direction the shilling would take in the coming weeks would mainly be determined by the petitions launched at the Supreme Court.

Against the British pound, the shilling weakened by 0.05 percent to close at 135.82, ending a positive turn in the last days, which had been attributed to Bank of England’s first interest rate rise in over a decade.

             

 

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