Business
Currency update from Thursday's session
The local currency's appreciation was primarily supported by muted dollar demand and a sustained dollar supply from exporters.
Currency update from Thursday's session
By: Ali Twaha, Journalist @New Vision
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The Uganda shilling posted marginal gains against the dollar during today's trading session, closing at 3685/3695 from opening levels of 3690 / 3700.
The local currency's appreciation was primarily supported by muted dollar demand and a sustained dollar supply from exporters.
Money market were liquid, according to Absa, supported by quarter-end government disbursements. Overnight and one-week interest rates averaged 9.75% and 7.00%, respectively.
Money market were liquid, according to Absa, supported by quarter-end government disbursements. Overnight and one-week interest rates averaged 9.75% and 7.00%, respectively.
The Bank of Uganda continued its liquidity management operations to absorb excess funds from the markets through the sale of Bank of Uganda bills and conducting a 7-day mop-up repo.
In the global markets, the dollar index traded relatively stable at around 100.5, supported by risk-off sentiment and oil-driven inflation concerns, though softer inflation data provided some counterbalance, according to reports.
In the commodities market, Brent traded around $85, while WTI traded at $80. The hike was propped up by US-Iran tensions and concerns over Strait of Hormuz disruption.
In the global markets, the dollar index traded relatively stable at around 100.5, supported by risk-off sentiment and oil-driven inflation concerns, though softer inflation data provided some counterbalance, according to reports.
In the commodities market, Brent traded around $85, while WTI traded at $80. The hike was propped up by US-Iran tensions and concerns over Strait of Hormuz disruption.