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