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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling gains against dollar ending losing streak   

NAIROBI  (Xinhua) -- The Kenyan shilling strengthened slightly against the U.S. dollar on Wednesday ending a losing streak that characterized trading for the last one week.

The shilling traded at a stronger position of 101.29 per dollar on Wednesday, a marginal rise from 101.30 on Tuesday.

The Central Bank of Kenya placed the currency at 101.29 to the dollar, a rise from the previous sessions 101.30. The East African nation’s commercial banks quoted the currency at between 101.30 and 101.50, a marginal rise.

Currency traders attributed the slight rise of the shilling to inflows from diaspora and investors at the debt and stock markets.

Against the British pound, the shilling declined to stand at 141.89 from 141.52 in the Tuesday session, according to the apex bank.

According to Nairobi-based investment firm Cytonn, the shilling should remain relatively stable against the dollar in the short term, supported by rising inflows and Central Bank’s intervention activities.

             

 

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