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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling falls slightly pending
ruling on presidential poll petition    

By Bedah Mengo NAIROBI (Xinhua) -- The Kenyan shilling weakened marginally against the U.S. dollar on Wednesday as the market awaited a ruling by the Supreme Court on a poll petition challenging the re-election of President Uhuru Kenyatta.

The shilling went down 0.01 percent to close the day at an average of 102.2 to the dollar as the currency showed some stability.

The Central Bank of Kenya on Wednesday quoted the shilling at 103.18 down from 103.17 in the previous session.

On the other hand, commercial banks put the value of the currency at between 103.15 and 103.35, which was the same range it had traded in the previous day.

Traders at the financial institutions noted that the shilling was waiting for direction from the Supreme Court as the ruling set for Friday will determine whether it loses or strengthens.

The apex court on Wednesday concluded the hearing of the case after the several parties made their final submissions and the seven judges took a break to write their verdict.

Analysts noted that whatever the direction the shilling takes, they expect the forex exchange reserves level, currently at 7.5 billion dollars, an equivalent of 4.96 months of import cover, to be maintained by expected inflows from tourism, tea and horticulture exports and diaspora remittances.

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SEE ALSO

Kenya’s stocks fall as presidential poll petition hearing enters day 2  

 

Kenya shilling positive as top court hears presidential poll petition  

By Bedah Mengo NAIROBI, (Xinhua) -- The Kenya shilling strengthened on Monday against the U.S. dollar as it remained positive following the hearing of a petition challenging the re-election of President Uhuru Kenyatta at the Supreme Court.

The shilling gained by 0.14 percent on Monday to stand at an average of 103.2, up from 103.3 at the end of last week.

The Central Bank of Kenya quoted the shilling at 103.15, a rise from 103.25 in the previous session last Friday.

Commercial banks, on the other hand, placed the value of the currency at an even stronger position of between 103.05 and 103.20, with traders noting the currency was stable as the Supreme Court case filed by Opposition leader Raila Odinga goes on.

The shilling appreciated against the dollar by 0.1 percent last week to close at 103.3 from 103.4 the previous week.

According to Cytonn, a Nairobi-based investment firm, the direction the shilling will take in the following weeks will mainly be determined by the happenings at the Supreme Court.

“In coming weeks, the outcome of the election petition will play a role in determining the performance of the shilling in the short-term,” said Cytonn on Monday.

It added that investors who had bought dollars for speculative purposes in the run up to elections are also continuing to sell in the market and buying back the shilling helping to stabilize it.

           

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