Nairobi, Kenya: The Kenyan shilling rose against the dollar on Tuesday after the country's Supreme Court upheld Uhuru Kenyatta's win in the March 4 presidential election.
Kenyatta's main rival Raila Odinga accepted the ruling, easing tensions after the previous vote in 2007 was blighted by post-election violence.
The shilling, which was stuck in a range of 85-86 to the dollar while investors awaited the outcome of the petition filed by Raila, rose as high as 84.65/85 at 0604 GMT before retreating to 85.00/20 by 0636 GMT.
It closed at 85.30/50 on Thursday, its last trading day before the Easter break.
"The appreciation was basically on ... the court ruling. But some importers got excited below 85 and rushed in to buy dollars," said Christopher Muiga, a senior trader at Kenya Commercial Bank.
The shilling has gained 1.4 percent against the dollar so far this year.
Traders said they expect economic factors to again play a bigger role in the shilling's direction, with investors taking a closer look at Kenya's widening trade deficit and an increase in government spending.
"The election tension is over and the market can concentrate on business," said Peter Mutuku, head of trading at Bank of Africa.
On the stock market, all the traded stocks on the main NSE-20 share index had gained at 0636 GMT.
-Reuters
