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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling rises to over month-high 

NAIROBI (Xinhua) -- The Kenyan shilling strengthened against the U.S. dollar on Wednesday to close at over a month-high.

The East African nation’s currency exchanged at an average of 103.00 to the dollar, a rise from 103.05 in the Tuesday session.

The Central Bank of Kenya valued the shilling in the Wednesday trading at 103.04 to the dollar from a low of 103.06.

Commercial banks, on the other hand, quoted the shilling at a much stronger position of between 102.80 and 103.00 from 102.95 and 103.05 in the previous session.

Forex traders attributed the surge of the shilling to slight rise in inflows amid the global weakening of the greenback.

According to Cytonn, a Nairobi-based investment firm, the dollar is currently weak in the global market as indicated by the U.S. dollar Index, which shed 9.9 percent in 2017, and 0.7 percent year-to-date.

Against the British pound, the shilling similarly strengthened albeit marginally to close at 141.79 from 141.99 in the Tuesday trading.

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UPDATE:

Kenyan shilling advances against USD, crossing into 102 territory 

NAIROBI (Xinhua) -- The Kenyan shilling advanced further against the U.S. dollar on Thursday to stand at a level last registered six weeks ago amid rise in inflows.

The local currency traded at an average of 102.90 to the dollar on Thursday, rising from 103.00 in the Wednesday session.

The East African nation’s commercial banks placed the value of the shilling to the dollar at between 102.90 and 103.00, noting it had risen from 102.95 and 103.05 margins.

However, the Central Bank of Kenya quoted the shilling at a much stronger position of 102.89 in the Thursday trading from a low of 103.04.

Analysts attributed the surge to rise in inflows especially at the debt market, where Kenya has floated an infrastructure bond worth 388 million dollars.

Besides the inflows, global decline of the dollar as indicated by its index, which shed 9.9 percent in 2017, had also helped bolster the shilling.

Against the British pound, the shilling weakened on Thursday slightly to end the day at 141.92 from 141.79 in the Wednesday session.

             

 

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