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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

 

Kenya shilling ends week stronger against dollar, regional currencies

NAIROBI, (Xinhua) -- The Kenya shilling ended the week stronger against the U.S. dollar and some regional currencies after strengthening on Friday.

The currency exchanged against the dollar at an average of 103.3, a two-month high as it continued with a rally following declined tension after Opposition chief Raila Odinga decided to challenge the election of President Uhuru Kenyatta at the Supreme Court.

The Central Bank of Kenya quoted the shilling Friday at 103.39, a 0.3 percent rise against the dollar, up from 103.70 in the previous session, as it noted the appreciation of the local unit followed positive sentiments after the peaceful general elections.

On the other hand, commercial banks placed the value of the Kenyan currency at an even stronger position of between 102.25 and 103.40 against the dollar.

Traders at the financial institutions attributed the stronger performance of the shilling to the positive political environment.

Against the British Pound, the shilling strengthened trading at 133.14 from Thursday’s 133.36, a rally that mirrored renewed confidence in the country after the polls.

In the East Africa Community region, the Kenya shilling strengthened against the Tanzania Shilling and the Burundi Franc but weakened against the Uganda Shilling and remained broadly stable against the Rwanda Franc.

             

 

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