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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Kenyan shilling holds firm against the dollar on high inflows

NAIROBI (Xinhua) -- The Kenyan shilling held firm against the U.S. dollar on Monday as inflows from the agriculture sector helped offset dollar demand by importers.

The local currency traded against the dollar at 100.75, the same level it ended the week last Friday.

The Central Bank of Kenya quoted the shilling on Monday at 100.74 against the dollar, a slight change from 100.73 in the previous session.

Commercial banks put the shilling at between 100.65 and 100.75, with the margins remaining unchanged from last week on Friday.

Forex traders and the apex bank attributed the stability of the shilling to increased inflows from the tea sector as well as from off shore banks.

Against the British pound, the shilling declined slightly during the trading to close at 131.92 from a stronger position of 130.75.

Last week, the Kenyan shilling gained by 0.1 percent against the dollar, and analysts expect it to remain stable despite pressure from high dollar demand from importers as month nears the end.

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EARLIER REPORT:

Kenyan shilling closes week lower amid high dollar demand

NAIROBI (Xinhua) -- The Kenyan shilling ended the week lower against U.S. dollar after declining on Friday following high demand for the greenback.

The local unit exchanged against the dollar at 100.75, a significant decline from 100.65 in the session on Thursday.

The Central Bank of Kenya quoted the shilling at 100.73 against the dollar, a drop from 100.63 in the previous session.

Commercial banks, however, put the shilling at between 100.65 and 100.75 down, with the margins remaining unchanged.

Currency traders noted that the decline was due to increased high demand for the dollar by importers although the inflows were steady.

Against the British pound, the shilling strengthened slightly during the trading to close at a stronger position of 130.75 from 131.65.

The shilling is expected to firm up against the dollar supported by inflows and dollar reserves, according to analysts.

           

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