Kenyan shilling unmoved against dollar as top court hears poll petitions

Source: Xinhua| 2017-11-14 23:46:43|Editor: huaxia
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NAIROBI, Nov. 14 (Xinhua) -- The Kenyan shilling was unshaken against the U.S. dollar on Tuesday as the Supreme Court started the hearing of petitions challenging the win of President Uhuru Kenyatta in Oct. 26 repeat polls.

The local currency traded at an average of 103.58 against the dollar, the same level it stood at the end of Monday.

The Central Bank of Kenya placed the shilling at 103.58 to the greenback, with data from the institution showing the shilling did not move. On Monday, the shilling gained by a marginal 0.01 percent.

On the other hand, commercial banks in the East African nation quoted the shilling at between 103.55 and 103.75, having remained at the same spot as Monday.

Forex traders in the commercial banks attributed the firming of the currency to two factors, namely tight liquidity in the market and a rise in inflows from the agriculture sector. However, the ongoing cases at the Supreme Court would define direction it takes in coming days.

Against the British pound, the shilling ended the day at 135.57, which was a great improvement from 136.67 in the previous session.

In case the currency faces volatility, the apex bank has sufficient forex reserves, currently at 7.1 billion dollars, an equivalent to 4.7 months of import cover, to support the shilling. Enditem

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