NAIROBI, June 9 (Xinhua) -- The Kenya shilling closed the week stable at an average of 103.3 against the U.S. dollar as inflows rose amid low dollar demand.
The shilling had on Thursday traded at 103.34 against the dollar, but Friday it gained 0.03 percent to close at 103.32.
The Central Bank of Kenya (CBK) placed the shilling at 103.32 to the dollar, a higher level from the previous day's trading session.
However, commercial banks quoted the value of the Kenyan currency at a stronger value of between 103.25 and 103.45, as traders attributed the shilling surge to inflows from charities and horticulture sector, helping to offset importers' dollar demand.
On the other hand, the shilling weakened 0.2 percent against the British Pound Friday to stand at 133.51 from 133.31.
As the shilling stabilised against the dollar and weakened against the Pound Sterling, it changed marginally against other currencies in the East Africa Community region.
Kenya's foreign reserves stand at to 8.3 billion dollars or 5.46 months of import cover, according to the Central Bank from 8.23 billion dollars or 5.44 months of import cover the previous week.
With IMF having offered a precautionary credit facility of 1.5 billion dollars, Kenya shilling would remain stable as the Central Bank can draw it in case of any balance of payment emergencies.
