NAIROBI (Xinhua) --
The Kenyan shilling declined considerably on
Thursday against the U.S. dollar pulled down by high demand of
the greenback by importers.
The shilling traded
at an average of 101.50 to the dollar on Thursday, a major fall
from 101.30 on Tuesday.
The Central Bank of
Kenya placed the currency at 101.46 against the dollar, a
decline from Thursday’s position of 101.30.
Commercial banks in
the East African nation quoted the currency at between 101.55
and 101.80, a fall from 101.35 and 101.55.
attributed the decline of the local unit to a huge dollar demand
from retail importers bringing in goods and oil.
Against the Sterling
Pound, the shilling strengthened to stand at 141.33 from 141.89
from in the Wednesday session.
But as the shilling
faces pressure, East African nation’s foreign exchange reserves
stand at a four-month high of 7.24 billion dollars, according to
the apex bank, which means the shilling can be supported in case
it continues to fall.