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Kenya shilling stronger against U.S. dollar

Xinhua,February 06, 2018 Adjust font size:

NAIROBI, Feb. 6 (Xinhua) -- The Kenyan shilling sustained an upward trajectory against the U.S. dollar on Tuesday, gravitating toward a level last seen nearly 18 months ago.

The shilling was traded at an average of 101.35 per dollar on Tuesday, up from Monday's position of 101.70.

The Central Bank of Kenya placed the local unit at 101.36 to the greenback, up from 101.74 in the previous session.

Meanwhile, commercial banks in the east African nation quoted the currency at between 101.25 and 101.45 to the dollar, a rise from 101.65 at the end of Monday.

Forex traders noted a rise in inflows, especially from investers buying government security at the debt market and from the agriculture sector.

Against the Sterling Pound, the shilling also strengthened to trade at 141.98, up from from 144.19 on Monday.

The shilling is expected to sustain the upward trend in the short term, boosted by rising inflows, analysts say. Enditem

 

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