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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Kenyan shilling ends week higher as
inflows suppress dollar demand

NAIROBI (Xinhua) -- The Kenyan shilling ended the week higher against the U.S. dollar on Friday as inflows from remittances strengthened to offset demand for greenback.

The local unit traded against the dollar at 100.40, an increase from 100.45 in the previous session on Thursday.

The Central Bank of Kenya quoted the local currency at 100.46 to the dollar, with the currency gaining slightly from 100.49 on Thursday.

Commercial banks, on the other hand, placed the shilling at between 100.30 and 100.50 from 100.40 and 100.60.

Forex traders attributed the strengthening of the shilling to increased inflows from Kenyans in the diaspora amid tight liquidity in the market.

Against the British pound, the shilling rose slightly to close at 132.09 from 132.31 in the Thursday session.

The shilling is expected to come under pressure in the coming days due to increased dollar demand from importers as the month ends, but analysts noted with rise in inflows, the currency may remain firm.

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EARLIER REPORT:

Kenyan shilling surges amid lull in dollar demand

NAIROBI (Xinhua) -- The Kenyan shilling sustained an upward trend against the U.S. dollar on Thursday as demand for the greenback declined.

The shilling traded against the dollar at 100.45, a rise from 100.50 in the previous session on Wednesday.

The Central Bank of Kenya placed the local currency at 100.48 to the dollar, up from from 100.50.

Commercial banks quoted the shilling at between 100.40 and 100.60, with the margins remaining unchanged.

Currency traders noted that there was low dollar demand from importers amid steady inflows from various sectors, helping to bolster the shilling.

Against the British pound, the shilling declined to close at 132.31, down from 131.90 in the Wednesday session.

Analysts expect the shilling to come under pressure in the coming days due to increased dollar demand from importers as the month ends.

           

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