Shilling strengthens on NGO dollar inflows

Wednesday February 10 2016



GRAPHIC | DENNIS MAKORI

GRAPHIC | DENNIS MAKORI 

By REUTERS
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Kenya's shilling strengthened on Wednesday, boosted by dollar inflows from non-governmental organisations (NGOs).

Commercial banks quoted the shilling at101.65/75 to the dollar, compared to Tuesday's close of101.80/90.

"We've seen very big flows from NGOs," said one Nairobi-based trader. He added the local currency has also been helped by subdued corporate demand for dollars.

The shilling has been stable this year after losing 11 per cent against the dollar in 2015.