NAIROBI, Aug. 6 (Xinhua) -- The Kenyan shilling rose 0.6 percent to the U.S. dollar in July bolstered by inflows from diaspora remittances and agriculture sector amid decline in current account deficit.
The shilling ended last month at 100.4, a rise from 101.1 at the end of June, with the Central Bank noting it would remain stable. The currency is currently trading at 100.30 to the dollar.
During the period, the current account deficit narrowed to 5.8 percent in June from 6.3 percent in March, according to the apex bank.
The deficit is expected to narrow further to 5.4 percent of the gross domestic product by the end of December driven by growth of agricultural exports, rise in diaspora remittances as well as tourism receipts.
The shilling has remained stable against several international and regional currencies in the last month. Besides the dollar, it has strengthened against the Euro and remained stable against the sterling pound and the Japanese yen.
"In the East African Community region, the Kenyan shilling has equally strengthened against all the other currencies except the Ugandan shilling," said the central bank in a brief Monday.
