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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling firm against dollar but set to fall

NAIROBI (Xinhua) -- The Kenyan shilling was firm against the U.S. dollar on Thursday but was expected to fall due to rising demand for the greenback by importers.

The shilling on Thursday traded at an average of 100.40, the level it was quoted by both commercial banks and the Central Bank on Wednesday.

The Central Bank of Kenya quoted the shilling in the Thursday session at 100.39, a slight gain from 100.40.

The East African nation commercial banks, on the other hand, placed the currency at 100.40 and 100.50, where it closed on Wednesday.

Currency traders noted that the shilling was facing pressure from growing demand for dollars from oil and retail importers amid slowdown in inflows, thus, it was expected to decline in the short-term.

Against the British Pound, the shilling strengthened to close Thursday at 142.87 from in the Wednesday session.

             

 

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