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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling gains more ground closing at week-high

NAIROBI (Xinhua) -- The Kenyan shilling gained more ground against the U.S. dollar to close the Wednesday session at a week high as it recovered from a losing streak.

The shilling traded at an average of 101.60 to the dollar on Wednesday, a rise from 101.70 on Tuesday.

The Central Bank of Kenya quoted the local unit at 101.62 to the dollar, a big leap from 101.74 on Tuesday.

On the other hand, the East African nation’s commercial banks placed the shilling at an even stronger position of 101.50 from between 101.55 and 101.75.

Forex traders attributed the gain of the shilling to declined dollar demand from importers amid steady rise in inflows from the horticulture sector.

Against the Sterling Pound, the shilling similarly gained to stand at 141.47 from 142.73 at the close of Tuesday.

             

 

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