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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling rebounds on Supreme
Court ruling upholding Kenyatta win  

NAIROBI (Xinhua) -- The Kenya shilling declined on Monday briefly before the Supreme Court ruled on two petitions challenging President Uhuru Kenyatta’s win but rose soon after the re-election was upheld.

The shilling had Monday morning declined to 103.79 against the U.S. dollar, from Friday’s close of 103.70, before the six judges ruled on the petition that upheld Kenyatta’s win in the Oct. 26 repeat presidential elections.

However, after the ruling, the shilling traded to the dollar at an average of 103.70, an indication that the local currency would rise in the coming days.

Commercial banks quoted the currency at between 103.60 and 103.80 after the court ruling, from between 103.80 and 103.90 in early Monday morning trading.

The Central Bank of Kenya, however, placed the shilling at an average of 103.78.

Last week, the shilling closed the week at a low of 103.70, having declined for the better part of the week due to speculation in the forex market amid political uncertainty.

With the perceived positive development on the political scene, the shilling is expected to strengthen and remain relatively stable against the dollar in the short term.

             

 

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