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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling strengthens on diaspora remittances

NAIROBI (Xinhua) -- Kenya shilling strengthened against the U.S. dollar on Thursday boosted by diaspora inflows.

The local 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.

Currency traders attributed the surge of the shilling to growth in Diaspora remittances, which helped to support the currency.

The shilling had declined marginally on Wednesday, pulled down by high local currency liquidity.

Analysts at Cytonn, a Nairobi based investment firm, noted the shilling would continue to surge on increased diaspora remittances and agriculture inflows. 

           

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