NAIROBI, July 2 (Xinhua) -- The Kenyan shilling strengthened against the U.S. dollar on Monday bouyed by declined demand for the greenback.
The shilling traded at an average of 100.85 up from 101.05 at the end of last week.
The Central Bank of Kenya quoted the local currency at 100.87 against the dollar during the session, a rise from 101.05 at the close of Friday last week.
Commercial banks, on the other hand, placed the shilling at between 100.80 and 101.00, with the margins rising from 100.85 and 101.05.
Forex traders attributed the surge to falling demand for the greenback by importers amid tight liquidity in the money market.
The shilling declined 0.2 percent against the dollar in the first half of the year to close at 101.05 last week.
However, the currency is expected to rise in the second half boosted by growth in agricultural inflows and strong forex reserves, according to Cytonn, a Nairobi-based investment firm. Enditem
