NAIROBI, April 18 (Xinhua) -- Kenyan shilling declined to a three-month low against the U.S. dollar on Thursday ahead of the Easter holiday weighed by increased imports.
The Central Bank of Kenya quoted the currency on Thursday at 101.3 to the dollar, a level that was last recorded on Jan. 24.
On Wednesday, the central bank put the currency against the dollar at 101.25 as demand for the greenback by merchandise importers rose.
But even as the shilling declined, the central bank has high levels of forex reserves to cushion the local unit from volatility in the international money market.
The East African nation's dollar reserves stood at 8.1 billion U.S. dollars, which is equivalent to 5.3 months of import cover, above the statutory requirement of maintaining at least 4 months of import cover. Enditem
