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Kenyan Shilling Firms as Apex Bank Buttresses it
 

The Kenyan shilling ended Friday firmer as it rose slightly against the U.S. dollar, reversing a negative trend witnessed during the week.

The shilling traded at an average of 103.3 to the greenback but gained marginally as the Central Bank of Kenya (CBK) was said to have used its forex reserves to buttress it.

The apex bank on Friday quoted the local unit at 103.29, a better performance from the previous day's 103.32.

On the other hand, commercial banks placed the value of the shilling Friday against the dollar at between 103.13 and 103.45.

The Central Bank, according to the financial institution's traders, used some 147 million dollars to support the shilling during the Friday trading.

The currency has been under pressure from various quarters, according to analysts. First, there is a rising demand for dollars from various importers, especially those shipping in oil.

Second, a negative political environment following the cancellation of Aug. 8 presidential polls results has heaped pressure on the currency.

On Tuesday, the electoral commission pushed the repeat polls nine days back to Oct. 26 from Oct. 17 as political bickering rose following the release of full ruling by the Supreme Court on Wednesday on why it cancelled the polls.

Kenya's forex reserves currently stand at 7.5 billion dollars, which is five months of import cover.


(www.chinaview.cn 2017-09-25)
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