by Bedah Mengo
NAIROBI, Aug. 28 (Xinhua) -- The Kenya shilling strengthened on Monday against the U.S. dollar as it remained positive following the hearing of a petition challenging the re-election of President Uhuru Kenyatta at the Supreme Court.
The shilling gained by 0.14 percent on Monday to stand at an average of 103.2, up from 103.3 at the end of last week.
The Central Bank of Kenya quoted the shilling at 103.15, a rise from 103.25 in the previous session last Friday.
Commercial banks, on the other hand, placed the value of the currency at an even stronger position of between 103.05 and 103.20, with traders noting the currency was stable as the Supreme Court case filed by Opposition leader Raila Odinga goes on.
The shilling appreciated against the dollar by 0.1 percent last week to close at 103.3 from 103.4 the previous week.
According to Cytonn, a Nairobi-based investment firm, the direction the shilling will take in the following weeks will mainly be determined by the happenings at the Supreme Court.
"In coming weeks, the outcome of the election petition will play a role in determining the performance of the shilling in the short-term," said Cytonn on Monday.
It added that investors who had bought dollars for speculative purposes in the run up to elections are also continuing to sell in the market and buying back the shilling helping to stabilize it.
