Kenya shilling gains on low dollar demand from importers

NAIROBI, Jan. 8 (Xinhua) -- The Kenya shilling gained marginally against the U.S. dollar on Monday as demand for the greenback by importers declined.

The currency exchanged at an average rate of 103.25 against the dollar, a rise from 103.27 recorded in the last session on Friday.

The East African nation's Central Bank (CBK) placed the shilling in the Monday trading at 103.26 to the dollar from 103.28 on Friday.

On the other hand, commercial banks in Kenya quoted the currency at between 102.20 and 103.40, a surge from 103.20 and 103.45 in the previous trading session.

Currency traders cited a decrease in dollar demand from manufacturers and oil importers for the slight surge in the value of the shilling to the U.S. currency.

However, to the British pound, the shilling declined from 139.83 on Friday to end the Monday the session at 140.04.

The Kenya shilling depreciated marginally against the dollar last week to close at 103.3 from 103.2 the previous week following rise in dollar demand.

The local unit should remain stable against the dollar in the short term, according to analysts, supported by expected calm in the political front as the government settles into office. Enditem