Kenyan shilling grows 0.5 pct against USD in April

NAIROBI, May 7 (Xinhua) -- The Kenyan shilling appreciated 0.5 percent against the U.S. dollar in April following increased inflows from offshore investors and horticulture.

The shilling in April stood at an average of 100.40 from 100.80 at the end of March, according to the data from the Central Bank of Kenya.

"Offshore investor inflows stood at 222.2 million dollars in March and was mainly invested at the debt market," said Cytonn, a Nairobi-based investment firm in a note on Monday.

The shilling has strengthened to the current average of 100.00 against the dollar since Kenya's political environment stabilized after a unity pact between President Uhuru Kenyatta and opposition leader Raila Odinga.

Last week, the shilling gained 0.1 percent against the dollar to 100.20 from 100.30 the previous week, still on the back of increased dollar supply from offshore investors. On a year-to-date basis, the shilling has gained 2.9 percent against the dollar.

"The shilling should remain stable against the dollar supported by stronger horticulture export inflows driven by increasing production and improving global prices and rising Diaspora remittances, which increased by 48 percent to 210.4 million dollars in February," noted Cytonn. Enditem