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Kenya shilling slides below 103 mark against U.S. dollar

Xinhua, March 30, 2017 Adjust font size:

The Kenya shilling declined Thursday to trade below 103 mark against the U.S. dollar following increased demand of dollars from end month oil importers.

The Central Bank of Kenya (CBK) on Thursday quoted the shilling at 103.03 against the dollar down from 102.95 the previous day.

The fall to above 103 level was the first in weeks after the shilling held steady against the dollar to hit 102.7 due to increased inflows from horticulture amid low dollar demand.

The local currency fell 0.24 percent on Wednesday to close the day at 102.95 while Tuesday it closed at 102.91.

Analysts, however, noted that the pressure the shilling was facing currently would end as there was a rise in foreign exchange inflows from remittances and charities, cushioning against demand for dollars from oil importers.

The Central Bank, however, would not allow the shilling to fall further as it has huge dollar reserves that provide a buffer and aid to stabilize the currency. The Central Bank normally sells dollars to support the shilling in case it faces pressure.

The apex bank's foreign exchange reserves rose last week to a record high of 7.8 billion dollars or 5.1 months of import cover following disbursement of 800 million dollars syndicated loan. Endit