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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Kenya shilling surges against dollar for 3rd straight session

NAIROBI (Xinhua) -- The Kenyan shilling gained more ground against the U.S. dollar on Thursday as inflows from various sources, including agriculture sector and diaspora, surged.

The local currency exchanged against the dollar at 100.70, an improvement from 100.75 at the close of Wednesday’s session.

The Central Bank of Kenya quoted the shilling at 100.72 against the dollar, up from 100.84 in the Wednesday trading.

Commercial banks, on the other hand, placed the shilling at between 100.65 and 100.85 to the dollar from an average of 100.75.

Currency traders attributed the surge witnessed for the third day trading session to increase in dollar inflows from the horticulture sector, investors at the debt market and diaspora remittances.

Against the British pound, the shilling declined to close at 133.05 from 132.40 in the previous session.

The shilling is expected to surge in the short-term against the dollar supported by dollar inflows and the 9 billion dollars forex reserves.

           

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