Uganda shilling rallies modestly
Dec 01, 2010
US dollar inflows from the aid agency sector and easing demand for the greenback allowed the Uganda shilling to rally modestly on Wednesday, recouping some ground after dropping to an all-time low on Tuesday.
US dollar inflows from the aid agency sector and easing demand for the greenback allowed the Uganda shilling to rally modestly on Wednesday, recouping some ground after dropping to an all-time low on Tuesday.
Commercial banks in Kampala traded the local currency at 2,308/2,313 in the interbank market after closing at 2,314/2,319 on Tuesday, an all time low.
The shilling has been on a slide against the US dollar for months, undermined by a mix of factors including a strong dollar globally and low market supplies of the hard currency.
Multiple interventions by the central bank to prevent the unit from dropping below the 2,300 mark failed.
Commercial banks in Kampala traded the local currency at 2,308/2,313 in the interbank market after closing at 2,314/2,319 on Tuesday, an all time low.
The shilling has been on a slide against the US dollar for months, undermined by a mix of factors including a strong dollar globally and low market supplies of the hard currency.
Multiple interventions by the central bank to prevent the unit from dropping below the 2,300 mark failed.