Kenya shilling slides slightly, weighed down by high dollar demand

NAIROBI, April 25 (Xinhua) -- The Kenyan shilling declined marginally against the U.S. dollar on Wednesday following pressure from high dollar demand by importers.

The shilling traded at an average of 100.00, declining against the dollar, having ended at 99.90 in the previous session.

The Central Bank of Kenya quoted the currency at 100.05 to the dollar, a marginal drop from 99.97 on Tuesday.

The East African nation's commercial banks, on the other hand, placed the shilling at between 99.90 and 100.00, with the margins staying unmoved.

Against the British Pound, the shilling similarly declined slightly to close Wednesday at 139.74 from 139.59.

Analysts noted the shilling was under pressure from the dollar as importers that include oil, manufacturers and those in the energy sector make end-month purchases.

The shilling is expected to fall slightly in the short-term but would be supported by the country's 9.50 billion dollars forex reserves. Enditem