Kenya shilling stable as inflows rise ahead of Christmas
Xinhua,December 19, 2017 Adjust font size:
NAIROBI, Dec. 18 (Xinhua) -- The Kenya shilling was largely unchanged on Monday, holding firm against the U.S. dollar as inflows from remittances rose ahead of Christmas.
The shilling traded at an average of 103.20 to the dollar, the same level it stood at the end of last week on Friday.
The Central Bank of Kenya quoted the shilling during the trading at 103.19 from 103.22 to the dollar, a marginal gain of 0.02 percent.
On the other hand, commercial banks in the East African nation placed the currency at between 103.10 and 103.30 to the dollar, the same level it closed on Friday.
Currency traders in the financial institutions noted that the shilling was stable due to rise in inflows from remittances ahead of the Christmas holiday. The inflows had helped offset surging dollar demand from manufacturers and oil importers.
Against the British Pound, the shilling strengthened by 0.42 percent to close at 137.97 from 138.55 the previous session. Enditem