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NAIROBI, Nov. 20 (Xinhua) -- After a week of downward trend against the U.S. dollar and hitting a 10-month low of 103.5, the Kenyan shilling surged on Tuesday, boosted by increased inflows.
The currency traded against the dollar at an average of 102.60 on Tuesday.
The surge was attributed to an increase in foreign currency inflows from the diaspora and horticulture sectors.
"An increase in foreign currency inflows gave the local unit some reprieve to see it end stronger," analysts at the Commercial Bank of Africa said in a brief.
However, even as the shilling gains, the bank noted that its outlook remains negative in the short-term, mainly due to increased dollar demand by importers as the festive season beckons. Enditem
