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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling slides marginally on dollar demand     

NAIROBI, (Xinhua) -- The Kenyan shilling sustained a slide against the U.S. dollar on Wednesday, albeit marginally, as pressure from high dollar demand rose.

The local unit traded against the dollar at 100.45, a decline from 100.40 where it ended on Tuesday.

The Central Bank of Kenya quoted the shilling at 100.48 to the dollar, a 0.07 percent drop from 100.41 in the previous session.

Commercial banks, on the other hand, placed the shilling at between 100.35 and 100.55, with the margins falling from 100.30 and 100.50.

Forex traders attributed the marginal decline to pressure from oil importers making end-month purchases. Against the British pound, the shilling similarly fell to end at 131.92 from 131.82 in the Monday session.

According to the Central Bank, the shilling is expected to be helped from steep slide by inflows from agriculture sector.  

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