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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling sustains upswing against dollar, pound

NAIROBI (Xinhua) -- The Kenyan shilling maintained its upswing against the U.S. dollar on Friday to close the week at a new high boosted by rise in inflows.

The local unit traded at an average of 101.30 to the dollar on Friday, a rise from 101.35 in the session on Thursday.

The Central Bank of Kenya quoted the local currency at 101.28 per dollar, up from 101.38 in the previous session.

Commercial banks in the East African nation, on the other hand, put the local unit at between 101.30 and 101.40, nearly same levels the currency ended on Thursday.

Forex traders in the financial institutions noted there was a steady increase in inflows from the agriculture sector amid low demand for dollars from importers.

Against the Sterling Pound, the shilling similarly strengthened for the fourth session to close at a new high of 139.23 from 140.16 in Thursday trading.

The shilling is expected to strengthen in the short-term, according to analysts.

             

 

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