(Xinhua) -- The Kenyan shilling on Friday
gained more ground against the U.S. dollar as it
sustained an upward trend for the second day in a row.
The shilling traded at an average of
103.90 as it showed signs of recovering after declining
to a six-month low of 104.10 on Tuesday.
The Central Bank of Kenya on Friday
quoted the local unit at 103.88, a marginal rise from
Thursday’s 103.93, with the bank said to have sold
unknown amounts of its forex reserves to counter a surge
in dollar demand from retail importers.
On the other hand, commercial banks in
the East African nation placed the value of the shilling
against the dollar at between 103.9 and 104, with
traders noting demand for dollars was still high amid
The shilling strengthened on Thursday
against the dollar by 0.08 percent to close at 103.93.
The Friday gain is a big boost to the currency that has
been under intense pressure from international
currencies for the last one month.
The shilling, however, weakened
against the British pound in Friday trading as it stood
at 134.40. On Thursday, the shilling had risen against
the pound 0.14 percent to stand at 133.71.