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Kenyan shilling reverses loss against U.S. Dollar

NAIROBI (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 low inflows.

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. 

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