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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling falls slightly on rising dollar demand 

NAIROBI (Xinhua)-- The Kenyan shilling started the week low against the U.S. dollar on Monday, pressured by rise in importer dollar demand.

The shilling traded at an average of 101.30 for each dollar during the Monday session, a drop from 101.25 in the previous session.

The Central Bank of Kenya placed the currency at 101.30 against the dollar, a slight decline from 101.25 at the end of last week.

Commercial banks, on the other hand, quoted the shilling at between 101.25 and 101.45.

Currency traders attributed the decline of the shilling to pressure from rising demand for dollars from importers, including those shipping in oil.

Against the Sterling Pound, the shilling strengthened to close at 142.08 from 142.51 in the Friday session, noted the apex bank.

Analysts expect the shilling to continue facing pressure in the short-term but it would be supported by inflows from mainly the agriculture sector.

             

 

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