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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling gains more ground after crossing below 102 mark

NAIROBI (Xinhua) -- The Kenya shilling gained more ground against the U.S. dollar on Friday after crossing below the 102 mark, a 14-month high.

The shilling traded at an average of 101.90 against the dollar, a slight surge from the level it stood in the previous trading session on Thursday at 101.95.

The Central Bank of Kenya placed the shilling at 101.92 on Friday, up from 102.99 of the previous day.

The east African nation’s commercial banks, on the other hand, quoted the shilling at between 101.80 and 101.95, from Thursday’s range of 101.80-102.00 against the greenback.

Forex traders in commercial institutions noted a rise in inflows, especially from the agriculture sector, helping to steady the local currency.

Against the Sterling Pound, the shilling fell slightly, continuing with a downward trend to trade at 144.92, down from 144.75.

Analysts expect the local currency to strengthen in the short term, boosted by growing inflows, amid low demand for the dollar from retail importers.

             

 

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