Shilling gets boost against the dollar on remittances

Commercial banks quoted the shilling at an average of 103.80 in afternoon trading on Friday. FILE PHOTO | NMG

The shilling closed Friday on a stronger footing against the dollar as diaspora remittance inflows offered support.

Traders quoted by news agency Reuters said that there was a fall in dollar demand from energy sector players, whose trading activity tends to have a significant impact on the exchange rate due to the bulk nature of their buys.

PAYE Tax Calculator

Note: The results are not exact but very close to the actual.