Kenyan shilling ends week stronger on high agriculture inflows

Source: Xinhua| 2017-11-04 01:04:34|Editor: huaxia
Video PlayerClose

by Bedah Mengo

NAIROBI, Nov. 3 (Xinhua) -- The Kenyan shilling ended the week stronger against the U.S. dollar following rise in inflows from the agriculture sector, which helped to offset importers' dollar demand.

The shilling traded at an average of 103.70 to the dollar, down from 103.80 in the previous session on Thursday.

The Central Bank of Kenya quoted the local currency 103.74, an improvement from 103.79 where it had declined to in the previous session.

On the other hand, commercial banks placed the Kenyan currency at between 103.50 and 103.70 against the greenback, up from 103.60 and 103.80 on Thursday.

Traders at the financial institutions attributed the strengthening of the shilling to inflows from agriculture industry, in particular horticulture amid rise in retail importers dollar demand.

On Thursday, the shilling declined against the dollar 0.04 percent as analysts cited rising oil importers' dollar demand as political temperatures declined after repeat polls on Oct. 26.

There has been sustained rise in dollar demand from manufacturers and oil importers following conclusion of elections, a move that has been putting pressure on the shilling.

Against the British pound, the shilling similarly strengthened to end the week at 136.05 up from 137.73 on Thursday, where it had dropped 0.2 percent. Enditem