NAIROBI (Xinhua) --
The Kenyan shilling started the week lower on
Monday, declining further against the U.S. dollar weighed by a
rising demand for the greenback as month ends.
The local unit
exchanged at an average of 101.80 to the dollar, a decline from
101.75 in the session on Friday last week.
The Central Bank of
Kenya quoted the shilling at 101.83 to the dollar, a two weeks
low down from Friday’s position of 101.75.
On the other hand,
the East African nation’s commercial banks placed the shilling
at between 101.75 and 101.95, similar margins the Kenyan
currency closed on Friday.
Forex traders noted
that as on Friday, the shilling was still under pressure from
oil and retail importers’ demand for the dollar, with the
Central Bank said to be supporting the currency.
Against the Sterling
Pound, the shilling similarly declined to stand at 142.21 down
from 141.55 at the end of last week.
The shilling last
week declined 0.5 percent to end Friday at 101.75, a two-week
low affected by high dollar demand amid inability of the country
to access 1.5 billion dollars standby loan from the
International Monetary Fund.
However, the East
African nation last week raised 2 billion dollars following the
issuance of Eurobond, money that would boost forex reserves from
the current level of 7.4 billion dollars.