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