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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling records positive gains against U.S. dollar   

NAIROBI (Xinhua) -- The Kenyan shilling strengthened against the U.S. dollar on Thursday, boosted by a rise in inflows.

The local unit traded at an average of 100.95 against the dollar, a higher position than the 101.10 it had transacted on Wednesday.

The Central Bank of Kenya placed the currency at 100.96 against the dollar in the trading, a rise from 101.12 in the previous session.

On the other hand, commercial banks quoted the currency at between 100.75 and 100.95, with the margins rising from 101.05 from 100.10.

Forex traders attributed the rise of the shilling to surging inflows from offshore investors at the debt market and agriculture sector, which had helped offset dollar demand from importers.

The shilling, similarly, gained ground against the sterling pound to trade at 133.02, a significant growth from 133.20.

Cytonn, a Nairobi based investment firm, noted that it expects the shilling to remain stronger in the short-term helped by agriculture inflows from tea, coffee and horticulture.

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