The Kenyan shilling was unmoved against the U.S. dollar on Tuesday amid surging demand for the dollar from importers.

The shilling traded at an average of 103.05 per dollar, the same level it stood at the start of the week on Monday.

The Central Bank of Kenya in its valuation quoted the shilling in the Tuesday trading at 103.06 to the dollar, with the local currency remaining unchanged.

Similarly, commercial banks put the value of the shilling against the dollar at a stable level of 103.00 as in the previous session.

Currency traders noted that while the shilling was stable, it was facing pressure amid growing demand for dollars from retail importers, in particular those shipping in oil.

Against the British pound, the Kenyan shilling similarly weakened to close Tuesday at 141.99 from 140.72 in the Monday trading.

However, in case the shilling declines, the Central Bank has sufficient reserves currently standing at 7.1 billion dollars, an equivalent of 4.7 months of import cover to bolster the shilling. Enditem


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