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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling falls amid rising dollar demand

NAIROBI (Xinhua) -- The Kenyan shilling went down against the U.S. dollar on Monday as oil importers and corporates sustained demand for the greenback.

The local unit traded against the dollar at an average of 101.20, down from 101.10 posted last Friday.

Commercial banks and currency traders in the east African nation quoted the shilling at between 101.20 and 101.40 to the dollar, down from Friday’s 101.10-101.30.

The Central Bank of Kenya, however, put the shilling at a slightly stronger position of 101.18, down from 101.07 per dollar on Friday last week.

Forex traders noted that demand for the dollar among corporates and oil importers seeking to meet their end-month demand was high, putting pressure on the shilling.

Against the British pound, the shilling strengthened slightly to end at 134.94, up from 135.32 in the last session.

The Kenya shilling declined by 0.6 percent against the dollar last week to close at 101.10, from the previous week’s 100.40, due to increased end-month dollar demand by multinationals and importers.

The Central Bank has been selling its dollar reserves to stem the shilling’s slide.

             

 

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