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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling falls marginally as opposition leader takes oath 

NAIROBI (Xinhua) -- The shilling slid against the U.S. dollar on Tuesday, albeit slightly, as political tension gripped Kenya over the swearing-in of opposition leader Raila Odinga as “People’s President.”

Opposition supporters gathered in the capital Nairobi to witness the swearing-in of their leader, an event that was expected to have violence, but it went on smoothly, with Odinga taking a brief oath.

The shilling traded at an average of 102.40, a decline from where it ended on Monday at 102.35 against the greenback.

Commercial banks in the East African nation quoted the between 102.40 and 102.55 down from the previous day’s average of 102.35.

The Central Bank of Kenya, however, placed the local currency at a stronger position of 102.36 in the Tuesday trading, down slightly from 102.35.

Against the sterling pound, the shilling as in the previous session strengthened considerably to trade at 144.08 up from 145.7.

Analysts blamed the slight fall of the shilling on the political tension in the country following the standoff between the opposition and the government.

However, they noted the shilling would strengthen in the following sessions due to rising inflows.

             

 

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