NAIROBI (Xinhua) --
The Kenyan shilling gained more
ground against the U.S. dollar on Thursday as inflows from
various sources, including agriculture sector and diaspora,
The local currency
exchanged against the dollar at 100.70, an improvement from
100.75 at the close of Wednesday’s session.
The Central Bank of
Kenya quoted the shilling at 100.72 against the dollar, up from
100.84 in the Wednesday trading.
Commercial banks, on
the other hand, placed the shilling at between 100.65 and 100.85
to the dollar from an average of 100.75.
attributed the surge witnessed for the third day trading session
to increase in dollar inflows from the horticulture sector,
investors at the debt market and diaspora remittances.
Against the British
pound, the shilling declined to close at 133.05 from 132.40 in
the previous session.
The shilling is
expected to surge in the short-term against the dollar supported
by dollar inflows and the 9 billion dollars forex reserves.