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Kenya’s Shilling Gains on Dollar Inflows After Debt Offerings

Kenya’s shilling appreciated against the dollar for the second trading day on inflows of foreign funds to buy government debt.

The currency of East Africa’s biggest economy strengthened 0.2 percent to 83.15 per dollar by 2:47 p.m. in Nairobi, the capital, after depreciating as much as 0.1 percent to 83.37.

“The bond inflows are helping support the shilling,” Julius Kiriinya, currency trader with Nairobi-based African Banking Corp. said in a phone interview.

Kenya accepted 6.5 billion shillings ($78 million) in bids for two-year Treasury bonds, more than the 5 billion shillings it had put on offer, in a sale that was more than six times oversubscribed, the Nairobi-based central bank said yesterday. The central bank accepted 2.7 billion shillings of 182-day Treasury bills on the same day, after it had offered 2 billion of the securities.

The Uganda currency strengthened 0.2 percent to 2,504.50 per dollar, while Tanzania’s declined 0.3 percent to 1,590.

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