Kenya: Kenyan Shilling Strengthens Against US Dollar on Increased Inflow From Remittances & Tea Exports

The Kenyan Shilling strengthened against the United States Dollar on Friday, shedding off jitters of a potential weakening.

Traders who spoke to Reuters attributed the significant gain by the local currency to an increase in the Dollar remittance by Kenyans living in the diaspora.

Another reason for the stability of the Shilling on Friday was the increase in dollar inflow from agricultural exports, particularly tea exports which attracted higher returns on the international markets.