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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling grows 0.5 percent against  U.S. dollar in April   

NAIROBI (Xinhua) -- The Kenyan shilling appreciated 0.5 percent against the U.S. dollar in April following increased inflows from offshore investors and horticulture.

The shilling in April stood at an average of 100.40 from 100.80 at the end of March, according to the data from the Central Bank of Kenya.

“Offshore investor inflows stood at 222.2 million dollars in March and was mainly invested at the debt market,” said Cytonn, a Nairobi-based investment firm in a note on Monday.

The shilling has strengthened to the current average of 100.00 against the dollar since Kenya’s political environment stabilized after a unity pact between President Uhuru Kenyatta and opposition leader Raila Odinga.

Last week, the shilling gained 0.1 percent against the dollar to 100.20 from 100.30 the previous week, still on the back of increased dollar supply from offshore investors. On a year-to-date basis, the shilling has gained 2.9 percent against the dollar.

“The shilling should remain stable against the dollar supported by stronger horticulture export inflows driven by increasing production and improving global prices and rising Diaspora remittances, which increased by 48 percent to 210.4 million dollars in February,” noted Cytonn.

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EARLIER REPORT:

Kenyan shilling eases amid high dollar demand

NAIROBI (Xinhua) -- The Kenyan shilling eased slightly against the U.S. dollar on Monday amid rising demand for the greenback by importers.

The shilling traded to the dollar at an average of 100.26 on Monday, a marginal decline from 100.25 in the Friday session.

The Central Bank of Kenya quoted the shilling at 100.26 to the dollar, trading lower from 100.22 in the previous session.

The East African nation’s commercial banks, on the other hand, quoted the shilling at between 100.25 and 100.35, with the margins remaining unchanged.

Currency traders attributed the easing of the shilling to growing demand for the dollar by manufacturers and oil importers.  Against the British Pound, the shilling edged down to close at 130.67 from 136.17 in the previous session.

The Kenyan shilling appreciated by 0.5 percent against the dollar in April to stand at 100.40 from 100.80 at the end of March due to of increased offshore investor inflows.

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