Kenyan shilling sustains gains against dollar on high inflows

NAIROBI, April 16 (Xinhua) -- The Kenyan shilling was stronger on Monday against the U.S. dollar, continuing on an upward path from the previous week.

The shilling was traded at an average of 100.75 against the dollar, from 100.85 at the close of last week on Friday.

The Central Bank of Kenya (CBK) placed the shilling at a new high of 100.77, a major rise from 100.87 on Friday.

Commercial banks put the currency at between 100.55 and 100.75, up from Friday's margin of 100.75-101.00.

Currency traders attributed the strong increase to sustained growth of inflows from the horticulture sector amid a low demand for dollar from importers.

Against the British pound, the shilling declined to stand at 143.71, from 143.19 in the session on Friday.

Last week, the Kenya shilling appreciated by 0.2 percent against the dollar to close at 100.9, from 101.0 the previous week. Enditem