Kenya shilling edges up against dollar

NAIROBI, Jan. 15 (Xinhua) -- The Kenya shilling went up against the U.S. dollar on Monday as it sustained a momentum built last week.

The local unit traded at an average of 103.05 per dollar, going up from 103.10 at end of the Friday session last week.

East African nation's Central Bank of Kenya placed the shilling in the Monday trading at 103.06 to the dollar, a rise from 103.09.

Commercial banks, on the other hand, placed the shilling at an average of between 102.95 and 103.05 against the dollar from 103.00 and 103.10 margins last week on Friday.

Forex traders attributed the rise to inflows from the agriculture sector but noted there was a steady rise in dollar demand from oil importers, a move that would put pressure on the shilling going forward.

Against the British Pound, the shilling weakened to close Monday at 140.72 from 139.50 in the Friday trading.

The Kenya shilling appreciated by 0.2 percent against the dollar last week due to improved dollar inflows from diaspora remittances and horticultural exports.

Analysts expect the shilling to strengthen due to the weakening of the dollar in the global markets as indicated by the U.S. dollar Index. Enditem