NAIROBI, June 5 (Xinhua) -- The Kenyan shilling appreciated considerably against the U.S. dollar on Tuesday to cross to the 100 level boosted by growth of inflows.
The local unit rose to trade at between 100.80 and 100.90 on Tuesday, up from 101.40 in the Monday trading session.
The Central Bank of Kenya placed the shilling at 100.91 to the dollar, a significant surge from 101.39 in the Monday session.
Commercial banks in the East African nation, on the other hand, quoted the shilling at an even higher position of between 100.60 and 100.80 from 101.30 and 101.50.
Currency traders attributed the surge of the shilling to offshore investors at the debt market and some commercial banks disposing their dollars.
Against the British pound, the shilling declined marginally to close the day 134.86 from 134.87 from the previous session.
According to Cytonn, a Nairobi-based investment firm, the shilling is expected to strengthen against the dollar boosted by horticulture, offshore investors and diaspora inflows. Enditem
