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Currencies

Kenyan shilling strengthens against the dollar

The Kenyan shilling strengthened against the
The Kenyan shilling strengthened against the dollar on Thursday due to banks unwinding their long dollar positions amid reduced dollar demand. FILE PHOTO |   AFP

Nairobi

The Kenyan shilling strengthened against the dollar on Thursday due to banks unwinding their long dollar positions amid reduced dollar demand from oil and merchandise importers, traders said.

At 0638 GMT, commercial banks quoted the shilling at 102.10/30 per dollar, compared with 102.25/45 at Wednesday's close.

The shilling gained by 0.68 percent during the previous session, Refinitiv data showed.

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