Dollar remittances by diaspora boost shilling in festive period

Dollars remitted home by Kenyans living abroad in the festive period have helped the shilling regain some of the ground it lost against the greenback earlier this month, with light demand for the United States unit in the market also helping the local currency.

Commercial banks traded the shilling at an average of 101.80 units to the US dollar on Monday, a slight appreciation from the closing rate of 101.84 recorded on Friday.