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
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.
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
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.