NAIROBI, May 28 (Xinhua) -- Kenya's foreign exchange reserves declined by about 80 million U.S. dollars last week as the Central Bank moved to support the weakening shilling.
The reserves fell from 9.14 billion dollars, an equivalent of 6.17 months of import cover, to 9.06 billion dollars, an equivalent of 6.11 months of import cover, at the end of last week, Central Bank data showed on Monday.
On Wednesday last week, the shilling fell sharply, from 100.60 to 100.90, against the dollar.
The local currency dropped further to between 101.10 and 101.20 on Thursday.
The Central Bank was said to have sold an unspecified amount of dollars on Thursday from its 9.14 billion dollars forex reserves to bolster the shilling.
The move is believed to have helped the shilling stabilize. On Friday, commercial banks quoted the local currency at between 101.00 and 101.20, the same margins as those of Thursday.
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