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Kenya Shilling Gains Second Day on Increased Tea, Coffee Sales

March 28 (Bloomberg) -- Kenya’s shilling strengthened for a second day as tea and coffee sales increased at weekly sales, leading to a higher inflow of dollars.

The currency of East Africa’s biggest economy appreciated as much as 0.4 percent to 82.80 per dollar and was trading 0.1 percent stronger at 82.98 to the dollar at 12:16 p.m. in Nairobi. A close at this level will be the longest winning streak since March 13, according to data compiled by Bloomberg.

Kenya’s coffee prices rose 9 percent at a sale yesterday, the Nairobi Coffee Exchange said in an e-mailed statement today. The average price climbed to $230.12 for a 50-kilogram (110-pound) bag, from $211.05 a week earlier, as sales more than doubled to 7,002 bags, the exchange said. African tea prices rose to an average of $2.79 a kilogram from $2.74 last week at a weekly sale in Mombasa, Tea Brokers East Africa Ltd. said in an e-mailed statement today.

Tanzania’s shilling weakened, depreciating as much as 0.3 percent to 1,598 per dollar and last traded 0.1 percent lower at 1,594.5.

The Ugandan shilling gained for a second day, appreciating as much as 0.8 percent. It last traded 0.4 percent stronger at 2,495 to the dollar.

To contact the reporter on this story: Johnstone Ole Turana in Nairobi at jturana@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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