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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling sheds further value against U.S. dollar   

NAIROBI (Xinhua) -- The Kenyan shilling sustained a downward path against the U.S. dollar on Thursday as demand for the greenback from importers rose.

The local unit traded against the dollar at an average of 100.60, a decline from 100.50 in the Wednesday session.

The Central Bank of Kenya placed the shilling at 100.60 to the dollar, a continued drop from 100.47 in Wednesday trading.

Commercial banks in the East African nation, quoted the shilling at between 100.55 and 100.65, a marginal decline from the previous session’s margins.

Forex traders attributed the drop to rising dollar demand from energy and manufacturing sectors, putting pressure on the shilling.

Against the British Pound, the shilling strengthened slightly to close at 136.63 from 135.70 on Wednesday.

Analysts noted the shilling was under pressure from international currencies but would get support from investors buying government securities.

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