Kenyan shilling surges to five-week high against dollar

NAIROBI, March 22 (Xinhua) -- The Kenyan shilling surged against the U.S. dollar on Thursday to hit levels last seen five weeks ago, boosted by high inflows at the debt and stock markets.

The shilling traded at an average of 101.05 for every dollar, a big leap from 101.20 in the session on Wednesday.

The East African nation's central bank quoted the shilling at 101.06 during the session, with the currency rising from 101.26.

Commercial banks, on the other hand, placed the shilling at between 100.95 and 101.05 against the dollar, from 100.00 and 101.30 on Wednesday.

Forex traders attributed the gain to increased inflows from foreign investors seeking to invest at the debt and stock markets, with Kenya having offered Treasury bonds worth 288 million dollars for budgetary support last week.

Against the British pound, the shilling declined to close at 142.16 from 141.84 in the Wednesday trading session.

The rise in dollar inflows added to Kenya's 8.83-billion-dollar reserves that were boosted by Eurobond cash last week. Enditem