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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling strengthens against U.S. dollar and British Pound   

NAIROBI (Xinhua) -- The Kenyan shilling was firm against the U.S. dollar on Tuesday and rallied against the British Pound to clock a new high.

The shilling exchanged at an average of 99.90 against the dollar, trading below the 100.00 mark, having risen marginally from the previous session.

The Central Bank of Kenya placed the currency at 99.97 on Tuesday, a slight gain from 100.05 in the Monday trading.

Commercial banks in the East African nation, on the other hand, quoted the shilling at between 99.90 and 100.00 from an average of 100.00.

Against the British Pound, the shilling continued with a four-trading-session rally as it strengthened to stand at 139.59 from 140.35. The currency had crossed slightly above 144.00 last week.

Analysts noted the shilling would remain stronger due to rising horticulture export inflows which have been driven by increasing production and improving global prices. The inflows have helped offset demand for dollars from importers.

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EARLIER REPORT:

Kenya shilling slides slightly, weighed down by high dollar demand

NAIROBI (Xinhua) -- The Kenyan shilling declined marginally against the U.S. dollar on Wednesday following pressure from high dollar demand by importers.

The shilling traded at an average of 100.00, declining against the dollar, having ended at 99.90 in the previous session.

The Central Bank of Kenya quoted the currency at 100.05 to the dollar, a marginal drop from 99.97 on Tuesday.

The East African nation’s commercial banks, on the other hand, placed the shilling at between 99.90 and 100.00, with the margins staying unmoved.

Against the British Pound, the shilling similarly declined slightly to close Wednesday at 139.74 from 139.59.

Analysts noted the shilling was under pressure from the dollar as importers that include oil, manufacturers and those in the energy sector make end-month purchases.

The shilling is expected to fall slightly in the short-term but would be supported by the country’s 9.50 billion dollars forex reserves.

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