NAIROBI (Xinhua) --
The Kenya shilling declined slightly against the
U.S. dollar on Wednesday amid rise in dollar demand after
markets resumed following Christmas break on Monday and Tuesday.
The shilling traded
at an average of 103.05 to the greenback, down from a strong
position of 103.00 at the end of Friday last week.
The Central Bank of
Kenya quoted the local currency at 103.08 per dollar, a level
the local shilling ended in the Friday trading session.
banks placed the shilling in the Wednesday trading at between
103.00 and 103.10, a drop from Friday’s margins of 102.95 and
Forex traders in the
financial institutions blamed the decline of the currency on
increased demand for dollars from retail importers, especially
those importing oil.
Against the British
pound, the shilling declined to close at 137.93 from 137.68,
continuing a downward trend from the previous session.
appreciated marginally by 0.1 percent against the dollar last
week to close at 103.1 from 103.2 as remittances exceeded demand
from oil importers. Analysts expect the shilling to be stable in