Kenyan shilling gains slightly against dollar on high inflows

NAIROBI, April 11 (Xinhua) -- The Kenyan shilling strengthened marginally against the U.S. dollar on Wednesday after holding firm for three consecutive trading sessions.

The shilling traded against the dollar at an average of 100.90, up from 101.00 in the past sessions since Friday last week.

Commercial banks in the East African nation quoted the currency at between 100.85 and 101.00, higher from 100.90 and 101.00 on Tuesday.

However, the Central Bank of Kenya placed the shilling at a stable position 101.00 in the Wednesday trading session, the same level it stood Tuesday.

Forex traders attributed the slight surge of the shilling to a tight dollar liquidity in the market and rise in dollar inflows.

Against the British Pound, the shilling weakened further to stand at 143.14 from 142.75 in the trading on Tuesday.

According to Cytonn, a Nairobi-based investment firm, the shilling would remain stable against the dollar in the short-term, supported by dollar reserves worth 8.8 billion dollars and a declining value of the greenback in the global market. Enditem