The Kenyan shilling strengthened against the U.S. dollar on Wednesday to close at over a month-high.

The East African nation’s currency exchanged at an average of 103.00 to the dollar, a rise from 103.05 in the Tuesday session.

The Central Bank of Kenya valued the shilling in the Wednesday trading at 103.04 to the dollar from a low of 103.06.

Commercial banks, on the other hand, quoted the shilling at a much stronger position of between 102.80 and 103.00 from 102.95 and 103.05 in the previous session.

Forex traders attributed the surge of the shilling to slight rise in inflows amid the global weakening of the greenback.

According to Cytonn, a Nairobi-based investment firm, the dollar is currently weak in the global market as indicated by the U.S. dollar Index, which shed 9.9 percent in 2017, and 0.7 percent year-to-date.

Against the British pound, the shilling similarly strengthened albeit marginally to close at 141.79 from 141.99 in the Tuesday trading. Enditem


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