Kenya shillings to near six months high against dollar

NAIROBI, Nov. 19 (Xinhua) -- The Kenyan shilling picked more gains against the U.S. dollar on Tuesday to clock a near six months high, backed up by stronger forex reserves.

The currency traded at an average of 101.90 to the dollar, a rise from 101.95 in the Monday session as the shilling sustained surge against the greenback.

The shilling last stood at such a level on June 20.

The shilling has been on a rally for the past three weeks boosted by several factors, including removal of interest rate caps on commercial bank loans, rise in inflows at the debt market and stronger forex reserves.

The stronger CBK usable foreign exchange reserves, according to analysts, have helped cushion shilling by sufficiently meeting importer demand.