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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling steady after opposition’s swearing-in political storm

NAIROBI (Xinhua) -- The Kenya shilling was steady against the U.S. dollar on Wednesday as the political storm caused by the swearing-in of opposition leader Raila Odinga as the “People’s President” faded.

The local unit traded at an average of 102.35, nearly the same level it closed on Tuesday against the greenback at 102.37.

On the other hand, commercial banks in the East African nation placed the local currency at between 102.20 and 102.40, the same margin it closed in the Tuesday trading session.

Forex traders in the financial institutions, however, noted that the shilling was facing pressure from surging demand for dollars from oil importers.

To the Sterling Pound, the shilling declined but marginally to trade at 144.66 from 144.08 in the session on Tuesday.

             

 

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