Kenya shilling gains more ground to close week month-high

NAIROBI, Dec. 1 (Xinhua) -- The Kenya shilling gained more ground against the U.S. dollar on Friday to close the week at a month-high as inflows from various sectors surged.

The shilling traded at an average of 103.00 to the dollar, up from 103.25 in the previous session touching a new high.

The Central Bank of Kenya placed the shilling in the Friday trading at 103.10, up from previous session's 103.25.

On the other hand, commercial banks in the East African nation placed the currency at a new high of between 102.95 and 103.15 from 103.00 and 103.25 Thursday.

Forex traders in the financial institutions noted that the growth of the shilling against the dollar was due to rise of inflows into various sectors including stock and debt markets and agriculture following improved political climate.

Against the British Pound, the shilling similarly strengthened by a margin of 0.20 percent to close at 138.70 from 138.98 on Thursday.

Analysts have noted that the shilling is expected to continue rising to cross below 103 mark as inflows surge following the stable political climate.

The apex bank has forex reserves of 7.1 billion dollars to support the currency in case it faces increased pressure from international currencies. Enditem