Kenya shilling firms against U.S. dollar

Source: Xinhua| 2017-11-14 01:03:46|Editor: huaxia
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NAIROBI, Nov. 13 (Xinhua) -- The Kenyan shilling gained more ground against the U.S. dollar on Monday as it sustained an upward trend supported by subdued dollar demand by importers.

The shilling traded at a new high of 103.58 against the dollar, up from 103.60 of last Friday, a marginal but significant gain for the currency that has been facing turbulence.

The Central Bank of Kenya quoted the local unit at 103.58 to the dollar, a rise of 0.01 percent from 103.59 from the previous session. The shilling gained with a similar margin on Friday.

Commercial banks in the east African nation, on the other hand, placed the currency at between 103.40 and 103.60, up from 103.50 and 105.70 on Friday.

Forex traders in financial institutions noted the currency was firming due to tight liquidity in the market as dollar demand declined.

Last week, the shilling appreciated by 0.1 percent against the dollar to close at 103.6, from 103.7 recorded in the week before.

According to Cytonn, a Nairobi-based investment firm, the shilling would remain relatively stable against the dollar in the short term, supported by the weakening of the greenback in the global markets as indicated by the U.S. Dollar Index, which has shed 7.6 percent year to date. Enditem