NAIROBI Cheap NHL Jerseys From China , April 18 (Xinhua) -- The Kenya shilling weakenedslightly against the U.S. dollar on Tuesday following increaseddollar demand from importers.


The local currency traded against the dollar at 103.4, data fromthe Central Bank of Kenya (CBK) showed Tuesday, down from 103.3 atthe close of last week ahead of Easter holiday.


Commercial banks, however, quoted the shilling at 103.45 astraders blamed the fall to increased dollar demand from oilimporters.


The shilling was under pressure last week forcing the apex bankto sell some dollars to strengthen it. Central Bank data indicatedthat the regulator used some 50 million dollars last week asforeign exchange reserves dropped from 8.02 billion dollars or 5.3months of import cover to 7.9 billion dollars or 5.2 months ofimport cover.


Analysts at Cytonn, a Nairobi-based investment firm Cheap NHL Jerseys China , noted thatin the short-term, the shilling is being affected by retailimporters' demands and a rise in global oil prices.


However, in the long-term, the shilling would continue to comeunder pressure due to the global strengthening of the dollar aheadof a planned rate hikes in the course of the year.


Last Thursday, the shilling ended the week flat at 103.3 but ona year-to-date basis, the shilling has depreciated against thedollar by 0.9 percent. Enditem


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