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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling strengthens against dollar   

NAIROBI  (Xinhua) -- The Kenyan shilling surged considerably against the U.S. dollar on Monday as it sustained an upward trend after crossing into the 101 level.

The local currency traded at an average of 101.70 against the greenback on Monday, a huge gain from last week Friday’s position of 101.90.

The Central Bank of Kenya quoted the local unit against the dollar at 101.74 from 101.92 in the Friday trading, an increase of 0.16 percent.

On the other hand, the East African nation’s commercial banks placed the shilling per every dollar at between 101.65 and 101.85, a rise from 101.80 and 101.90 on Friday last week.

Currency traders attributed the surge of the shilling to rising inflows from investors buying into the tap sale of an infrastructure bond floated at the debt market amid low importer demand for dollars.

             

 

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