Currency update from Monday’s session
The local unit is yet to convincingly cross the 3650-support mark, and has been trading sideways for most of the month, according to Catherine Kijjagulwe, acting head of markets, at Absa.
Currency update from Monday’s session
By Ali Twaha
Journalists @New Vision
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The Ugandan shilling traded in the same narrow range with a slim bias towards a stronger unit, opening on Monday at the 3645/3655 levels and closing at the 3643/3653.
The local unit is yet to convincingly cross the 3650-support mark, and has been trading sideways for most of the month, according to Catherine Kijjagulwe, acting head of markets, at Absa.
The dollar inflows from commodity exports and end-of-month diaspora inward remittances are still expected to support the shilling, which is still anticipated to trade within the 3625-3700 range in the near term.
Money markets remained liquid during Monday’s session with overnight and one-week trading at the averages of 10.06% and 11.08%, respectively.