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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling ends losing streak  

NAIROBI, (Xinhua) -- The Kenyan shilling strengthened on Tuesday against the U.S. dollar buoyed by rise in inflows which helped to offset dollar demand from importers.

The local currency traded at an average of 101.70 to the dollar on Tuesday, a huge gain from 101.80 in the Monday session.

The Central Bank of Kenya placed the shilling at 101.74 to the dollar, a surge from the Monday’s position of 101.83.

The East African nation’s commercial banks, on the other hand, quoted the shilling at between 101.55 and 101.75, an increase from 101.75 and 101.95.

Currency traders attributed the surge of the shilling to inflows from the horticulture sector and remittances, which had softened dollar demand from oil and retail importers.

Against the Sterling Pound, the shilling declined to stand at 142.73 down from 142.21 at the close of Monday.

Diaspora remittances increased by 27 percent to 204 million dollars in December 2017 driven by increase in remittances from North America and Europe, respectively, according to the Central Bank. 

           

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