NAIROBI (Xinhua) --
Kenya shilling strengthened against the
U.S. dollar on Thursday boosted by diaspora inflows.
unit traded at an average of 100.80 up from 100.90 on
Wednesday. The Central Bank of Kenya quoted the currency
at 100.80, from 100.91 in the previous session.
On the other
hand, commercial banks placed the shilling at a high of
100.70 and 100.90, with the margins rising from an
average of 100.90.
traders attributed the surge of the shilling to growth
in Diaspora remittances, which helped to support the
had declined marginally on Wednesday, pulled down by
high local currency liquidity.
Cytonn, a Nairobi based investment firm, noted the
shilling would continue to surge on increased diaspora
remittances and agriculture inflows.