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.
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.
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.