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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling loses ground as dollar demand rises

NAIROBI, (Xinhua) -- The Kenyan shilling weakened further against the U.S. dollar on Thursday as demand for dollars by retail importers surged.

The shilling traded at an average of 103.15 to the greenback, down from a higher position of 103.05 on Wednesday.

The Central Bank of Kenya (CBK) quoted the local currency at the 103.15 position to the dollar, a decline from Wednesday’s level of 103.08.

Commercial banks, on the other hand, noted the local currency had traded in the Thursday session at between 103.10 and 103.20 from 103.00 and 103.10.

Currency traders in the financial institutions attributed the drop to rising dollar demand from retail importers especially those trading in oil amid low inflows.

Against the British pound, the shilling similarly declined to close at 138.47 from 137.93, continuing a steady decline.

Despite the decline, analysts expect the shilling to remain stable in the short-term especially due to CBK’s intervention activities, as the institution has sufficient forex reserves, currently standing at 7.1 billion dollars, an equivalent to 4.8 months of import cover.

             

 

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