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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling surges on stifled dollar demand     

NAIROBI, (Xinhua) -- The Kenyan shilling strengthened against the U.S. dollar on Tuesday supported by a slight decline in demand for the greenback.

The shilling traded against the dollar at 100.55, a significant gain from 100.75 in the previous session on Monday.

The Central Bank of Kenya placed the local currency on Tuesday at 100.55 to the dollar, a surge from 100.73 on Monday.

On the other hand, commercial banks quoted the shilling at between 100.45 and 100.65, higher margins from 100.65 and 100.75.

Currency traders attributed the surge of the shilling to steady inflows from the agriculture sector amid depressed demand for dollars from importers. Against the British pound, the shilling remained unchanged at 131.92.

The East African nation has high forex reserves, currently at 8.9 billion dollars, an equivalent of 5.9 months of import cover, which has also helped to bolster the shilling.

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SEE ALSO

Kenyan shilling holds firm against the dollar on high inflows   

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