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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

 

Kenya shilling loses slightly against dollar amid rising imports

By Bedah Mengo NAIROBI (Xinhua) -- The Kenyan shilling lost more ground on Thursday, albeit marginally, as demand for U.S. dollars by retail importers surged amid growing agriculture inflows.

The local currency traded at an average of 103.80 level against the dollar, down from 103.75 in the previous session.

The Central Bank of Kenya placed the local unit at 103.79 down from a strong position of 103.75 on Wednesday, a 0.04-percent decline.

On the other hand, commercial banks quoted the Kenyan currency against the greenback at between 103.65 and 103.80 down from 103.60 and 103.80 on Wednesday.

Traders at the financial institutions noted that despite the slight drop, the shilling was steady against the dollar as agriculture inflows, especially from the horticulture sector, rose.

On Wednesday, the shilling declined against the dollar 0.05 percent as analysts cited rising importers’ dollar demand as political temperatures cooled following the conclusion of repeat polls.

The shilling was expected to take cue from the conclusion of the polls to register positive gains, which it did Monday but has been on the decline since.

Against the British pound, the shilling continued on a decline trading at 137.73 on Thursday, down from 137.44 on Wednesday, where it went down 0.58 percent.

             

 

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