NAIROBI, (Xinhua) --
The Kenyan shilling strengthened on Tuesday
against the U.S. dollar buoyed by rise in inflows which helped
to offset dollar demand from importers.
The local currency
traded at an average of 101.70 to the dollar on Tuesday, a huge
gain from 101.80 in the Monday session.
The Central Bank of
Kenya placed the shilling at 101.74 to the dollar, a surge from
the Monday’s position of 101.83.
The East African
nation’s commercial banks, on the other hand, quoted the
shilling at between 101.55 and 101.75, an increase from 101.75
attributed the surge of the shilling to inflows from the
horticulture sector and remittances, which had softened dollar
demand from oil and retail importers.
Against the Sterling
Pound, the shilling declined to stand at 142.73 down from 142.21
at the close of Monday.
increased by 27 percent to 204 million dollars in December 2017
driven by increase in remittances from North America and Europe,
respectively, according to the Central Bank.