NAIROBI, Aug. 14 (Xinhua) -- The Kenya shilling strengthened against the U.S. dollar on Monday, the first day of trading after President Uhuru Kenyatta was announced the winner of an election disputed by the Opposition.
The shilling exchanged at a new high of 103.87 against the dollar, a rise from 103.90 at the end of last week on Friday, the day the electoral commission announced Kenyatta the winner of Aug. 8 polls.
On the other hand, commercial banks in their early morning trading on Monday placed the shilling at between 103.80 and 103.90 against the dollar.
The local unit also surged against the pound, trading at 134.84 from Friday's 134.91, a bigger surge that showed confidence in the country after the polls.
The shilling hit a low of 104.0 to the dollar on the eve of elections due to last minute dollar demand from oil and retail importers. On a year-to-date basis, the shilling has depreciated against the dollar by 1.4 percent.
Analysts at Cytonn, a Nairobi-based investment firm, noted that the shilling should remain relatively stable to the dollar in the short term, supported by Central Bank's activity in the market, and rising confidence after peaceful polls. Enditem
