NAIROBI, May 19 – The Kenyan shilling gained almost one percent against the dollar on Thursday as banks shed long dollar positions after the central bank said it was not seeking to weaken the shilling by buying hard currency.
The shilling appreciated 0.97 percent on Thursday, the biggest intra-day gain since March 18 when it gained 1.08 percent, Thomson Reuters data showed.
The Central Bank of Kenya has bought 28 million euros since May 10. It said the purchases were not intended to influence the shilling’s level but to build official reserves.
Source: Reuters Africa newsletter
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