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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling strengthens further against U.S. dollar    

NAIROBI, (Xinhua) -- The Kenyan shilling gained more ground against the U.S. dollar on Wednesday, supported by an increase in inflows from various sectors.

The local currency traded against the dollar at 100.35, a slight rise from 100.40 in the session on Tuesday. Commercial banks quoted the shilling at between 100.30 and 100.50, up from the 100.40-100.50 of Tuesday.

The Central Bank of Kenya placed the shilling at 100.40 against the dollar, with the figure declining slightly.

Currency traders attributed the improved performance to the rise in inflows from the horticulture tourism sectors.

Against the British pound, the shilling fell slightly to 131.65, down from 133.08 at the end of Tuesday.

The shilling is forecast to remain stable against the dollar, helped by growth in inflows and dollar reserves, according to analysts.

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