NAIROBI, Jan. 26 (Xinhua) -- The Kenya shilling was largely stable against the U.S. dollar on Friday as inflows from the agriculture sector rose to offset surging dollar demand.
The shilling closed the week at an average of 102.35, a slight decline from a strong position of 102.33 where it stood on Thursday.
The Central Bank of Kenya put the local currency at 102.36 on Friday, a decline from 102.34 in the previous session.
Commercial banks, on the other hand, placed the shilling at between 102.35 and 102.45, the same margins the currency had ended on Thursday.
Forex traders noted that surging demand for dollars was exerting pressure on the shilling, but there was high inflows from the agriculture sector, in particular, horticulture helping to balance off.
Against the sterling pound, the shilling weakened to trade at a low of 146.54 from 145.24 in the Thursday trading.
Analysts observed that the shilling would face pressure in the short-term as retail importers raise end-month dollar demand. Enditem
