Kenya shilling strengthens on agriculture inflows

0 Comment(s)Print E-mail Xinhua, October 7, 2017
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NAIROBI, Oct. 6 (Xinhua) -- The Kenya shilling ended the week stronger on Friday against the U.S. dollar as foreign exchange inflows from agriculture sector rose.

The shilling closed the week at an average of 103.2 up from 103.3 the previous day, with the currency expected to firm further.

The apex bank quoted the currency at 103.21 in Friday trading, which was a great improvement from 103.31 on Thursday.

Commercial banks, on the other hand, quoted the currency at between 103.05 and 103.32, higher margins than it had traded on Thursday at 103.25 and 104.40.

Traders at the financial institutions cited increased inflows of dollars, especially from non-state agencies and horticulture, which had helped to offset dollar demand.

Against the British pound, the shilling similarly strengthened to end the day at 135.6, after rising from 137.11. The currency had weakened against the pound by 0.02 percent on Thursday.

According to the apex bank, the shilling performed better this week as it strengthened against all major international currencies.

"The performance of the Kenya shilling was mainly boosted by foreign exchange receipts from the agriculture sector," said the bank in a note Friday.

The Kenya shilling also strengthened against all East African Community currencies during the week. Enditem

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