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NAIROBI, March 7 (Xinhua) -- The Kenya shilling steadied Tuesday against the U.S. dollar and the British Pound as it sustained an upward trend following increased inflows from offshore investors and low demand from importers.
Against the dollar, the shilling gained 0.01 percent to stand at 102.64. On Monday, the currency had strengthened 0.22 percent.
Similarly, the shilling went up against the Pound 0.09 percent to close at 125.95. The surge was a build up from Monday, where the shilling strengthened 0.06 percent against the currency to close at 126.07.
Analysts attributed the rise to increased foreign exchange inflows amid subdued demand from Kenyan importers especially of oil and consumers goods.
According to Cytonn, a Nairobi-based investment firm, the appreciating currency has helped to stabilize Kenya's foreign exchange reserves since the shilling is not facing pressure from international currencies. Enditem
