by Bedah Mengo
NAIROBI, Oct. 31 (Xinhua) -- The Kenyan shilling remained unchanged on Tuesday against the U.S. dollar a day after President Uhuru Kenyatta was declared winner in repeat election.
The shilling traded at an average of 103.7 against the greenback, the same level it had ended on Monday.
The Central Bank of Kenya quoted the currency at 103.69 against the dollar, the position it stood on Monday as it remained firm.
Commercial banks, on the other hand, put the local unit at between 103.60 and 103.80, which was unchanged from Monday's level.
Traders at the financial institutions noted that the shilling had firmed waiting for reaction from the political scene following Kenyatta's win.
The main response was from opposition leader Raila Odinga, who on Tuesday evening dismissed Kenyatta's election.
He announced the formation of Peoples' Assembly through which he would push for reforms in the East African nation.
However, besides the politics, analysts noted that what kept the shilling further firm was low demand for dollars following the conclusion of the polls.
The Kenya shilling had before the polls depreciated against the dollar due to speculators' bid to accumulate more dollar holdings following political uncertainty. Enditem
