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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling in major fall amid high dollar demand

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.

Forex traders 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.

             

 

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