The Kenyan shilling was largely unchanged against the U.S. dollar on Thursday even as importers sustained end-month dollar demand.

The local unit exchanged against the U.S. currency at an average of 103.70, the same level it was on Tuesday and Wednesday.

However, Central Bank of Kenya data showed marginal downward movement of the shilling against the dollar.
The apex bank quoted the currency at 103.68 against the dollar on Thursday, a slight decline from 103.67 on Wednesday.

On the other hand, commercial banks placed the value of the currency at between 103.65 and 103.70 to the dollar, as it were in the previous session, with traders noting the shilling had generally remained firm.

Analysts attributed the relative stability of the shilling despite large dollar outflows from Kenya as retail importers sought to buy oil, sugar and maize, among other goods, to the Central Bank using its forex reserves to support the currency.

The regulator has since the start of June used over 150 million dollars to buttress the shilling as it faces pressure from international currencies.

Kenya's dollar reserves currently stand at 8.11 billion dollars or 5.36 months of import cover, and the East African nation has a precautionary credit facility of 1.5 billion dollars from the International Monetary Fund, which it can use to settle part of its imports bill in case need arises.