NAIROBI (Xinhua) --
The Kenyan shilling declined significantly
against the U.S. dollar on Thursday as demand for the greenback
by importers surged.
The shilling traded
at an average of 100.10 against the dollar, going down from
100.00 in the previous session. The Central Bank of Kenya placed
the currency at 100.11 to the dollar, a drop from 100.05 on
The East African
nation’s commercial banks quoted the shilling at an even lower
position of between 100.20 and 100.30 from 99.90 and 100.00 on
attributed the decline to high dollar demand from importers,
including those in oil, manufacturing and energy sectors.
Against the British
Pound, the shilling strengthened slightly to close Thursday at
139.59 from 139.74 in the previous session.
shilling is expected to be supported by high forex reserves,
currently at 9.5 billion dollars or an equivalent to 6.4 months
of import cover, and the 1.5 billion dollars stand-by credit and
precautionary facility offered by the International Monetary