Kenya shilling stable against U.S. dollar

Source: Xinhua| 2017-06-23 00:17:44|Editor: huaxia
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NAIROBI, June 22 (Xinhua) -- The Kenya shilling held firm against the U.S. dollar Thursday despite demand for dollars from various sectors remaining relatively high.

The currency stood at an average of 103.6, the level it was on Wednesday and Tuesday, with analysts noting the shilling had stabilized.

The Central Bank, however, quoted the shilling at a slightly lower position of 103.62 at the close of Thursday.

Commercial banks, on the other hand, put the value of the local unit at between 103.55 and 103.75 from the previous day's average of 103.55 as traders noted a surge in dollar demand from multinationals.

Against the British pound, the shilling dropped 0.8 percent to close at 131.31 Thursday from a strong position of 130.84 Wednesday. The shilling had appreciated against the pound nearly 1 percent on Wednesday.

The dollar reserves have remained at over 8 billion dollars for nearly three months offering the apex bank a cushion against the shilling's volatility. Enditem