NAIROBI (Xinhua) --
The Kenyan shilling was unmoved against
the U.S. dollar on Tuesday amid surging demand for the
dollar from importers.
traded at an average of 103.05 per dollar, the same
level it stood at the start of the week on Monday.
Bank of Kenya in its valuation quoted the shilling in
the Tuesday trading at 103.06 to the dollar, with the
local currency remaining unchanged.
commercial banks put the value of the shilling against
the dollar at a stable level of 103.00 as in the
traders noted that while the shilling was stable, it was
facing pressure amid growing demand for dollars from
retail importers, in particular those shipping in oil.
British pound, the Kenyan shilling similarly weakened to
close Tuesday at 141.99 from 140.72 in the Monday
case the shilling declines, the Central Bank has
sufficient reserves currently standing at 7.1 billion
dollars, an equivalent of 4.7 months of import cover to
bolster the shilling.