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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling gains some ground against dollar   

NAIROBI (Xinhua) -- The Kenyan shilling gained some little ground against the U.S. dollar on Tuesday supported by an increase in inflows.

The local currency traded at 100.83, a slight improvement from 100.85 at the end of the Monday session.

The Central Bank of Kenya quoted the shilling at 100.84 against the dollar, a rise from 100.87 in the previous trading.

Commercial banks, on the other hand, put the shilling at a stronger position of between 100.75 and 100.95 from 100.85 and 101.00.

Currency traders said there was an increase in dollar inflows into the market from investors at the debt market and agriculture sector amid low demand for the greenback by importers.

The shilling is expected to remain stable in the short-term against the dollar supported by growth in agricultural inflows and strong forex reserves.

Against the British pound, the shilling traded at 132.40, up from 133 in the previous session.

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EARLIER REPORTS:

Kenya shilling records gains on low dollar demand

NAIROBI (Xinhua) -- The Kenyan shilling strengthened against the U.S. dollar on Monday bouyed by declined demand for the greenback.

The shilling traded at an average of 100.85 up from 101.05 at the end of last week.

The Central Bank of Kenya quoted the local currency at 100.87 against the dollar during the session, a rise from 101.05 at the close of Friday last week.

Commercial banks, on the other hand, placed the shilling at between 100.80 and 101.00, with the margins rising from 100.85 and 101.05.

Forex traders attributed the surge to falling demand for the greenback by importers amid tight liquidity in the money market.

The shilling declined 0.2 percent against the dollar in the first half of the year to close at 101.05 last week.

However, the currency is expected to rise in the second half boosted by growth in agricultural inflows and strong forex reserves, according to Cytonn, a Nairobi-based investment firm.

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Kenyan forex reserves fall 292 mln USD on high dollar demand

NAIROBI, (Xinhua) -- Kenya’s foreign exchange reserves declined last week by 292 million U.S. dollars amid rise in demand for the greenback by importers.

The dollar reserves went down from 8.96 billion dollars, an equivalent of 5.99 months of import cover, to 8.67 billion dollars or 5.79 months of import cover, Central Bank of Kenya data showed Monday.

The huge decline was the first in a month since the foreign exchange reserves went below 9 billion dollars on May 24.

During the week, the Central Bank was said to have used unspecified amounts of dollars to support the shilling which declined 0.2 percent against the dollar to end at 101.10. .

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