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
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
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
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.