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.
traded at an average of 103.60 to the dollar up from 103.67 in the previous
session on Monday.
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.
at the financial institutions attributed the gain to reduced dollar demand from
importers, in particular manufacturers and oil traders, amid rising inflows.
noted that the direction the shilling would take in the coming weeks would
mainly be determined by the petitions launched at the Supreme Court.
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.