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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Kenyan shilling stable against dollar on offshore inflows

NAIROBI (Xinhua)-- The Kenyan shilling registered a negligible surge against the U.S. dollar on Thursday helped by inflows.

The local unit traded against the dollar at an average of 100.45, the same level it ended in the previous session.

The Central Bank of Kenya, however, quoted the shilling at 100.43 to the dollar in the Thursday trading, up from 100.45 on Wednesday.

On the other hand, commercial banks in the East African nation put the shilling at between 100.45 and 100.55 in the Thursday session with the margins remaining largely unchanged.

Currency traders attributed the little surge to rising dollar inflows from offshore investors that helped offset demand from manufacturers and oil dealer.

Analysts noted that the shilling is expected to stabilize against the dollar boosted by 9.1 billion dollars forex reserves and growing inflows from horticulture. 

           

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