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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Kenyan shilling touches new high of 100.00 against U.S. dollar

NAIROBI (Xinhua) -- The Kenyan shilling touched a high of 100.00 against the U.S. dollar on Monday, starting the week stronger after rising 0.6 percent last week.

The shilling was traded at an average of 100.00 against the dollar, a significant rise from the 100.20 posted at the close of last week.

The Central Bank of Kenya quoted the local currency at 100.05 on Monday, up from 100.25 in the previous session on Friday.

Commercial banks in the east African nation placed the currency on Monday at 99.00-100.00, up from Friday’s 100.00-100.05.

Currency traders said that though strengthening, the shilling is going to face pressure due to rising demand for the dollar from oil and retail importers making end-month purchases.

Against the British pound, the shilling also started the week higher at 140.35, up from Friday’s 142.68.

The shilling appreciated 0.6 percent against the dollar last week to hit the highest level since July 2015, following rise in horticulture inflows.

Cytonn, a Nairobi-based firm, noted the shilling would remain stronger, boosted by high forex reserves currently standing at 9.5 billion dollars, an equivalent to 6.4 months of import cover.

           

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