Kenyan shilling stable as inflows offset dollar demand

NAIROBI, March 26 (Xinhua) -- The Kenyan shilling was firm against the U.S. dollar on Monday supported by inflows from agriculture sector and at the debt market, helping to offset demand for the greenback.

The local currency traded against the dollar at an average of 101.95, the same level it closed last week on Friday.

The East African nation's Central Bank of Kenya placed the shilling at 100.96 in the Monday session, with the currency staying put at the level from the previous session.

However, commercial banks in the East African nation quoted the shilling higher against the dollar at between 100.85 and 101.10, from 101.90 to 101.10.

Forex traders noted that there was a rise in inflows which had helped to offset end-month dollar demand from manufacturers and oil traders seeking to import products, thus, keeping the shilling firm.

Against the British Pound, the shilling started the week weaker standing at 142.77 from 142.37 at the end of last week.

The Kenyan shilling appreciated by 0.3 percent against the dollar last week driven by positive sentiments from investors interested in Kenyan assets as foreign exchange reserves improved to 8.8 billion dollars, according to investment firm Cytonn. Enditem