Currency update from Tuesday’s session
Traders said dollar inflows from commodity exporters have continued to support the local unit overall and helped the shilling to hold on to its ground just below the 3600 mark.
Trading the shilling closed at 3585/3595 from the opening levels of 3580/3590.
By Ali Twaha
Journalists @New Vision
KAMPALA - The Ugandan shilling marginally lost ground against the dollar, on the back of demand for dollars by the local manufacturers and the offshore investors that were exiting some of their bond holdings.
Traders said dollar inflows from commodity exporters have continued to support the local unit overall and helped the shilling to hold on to its ground just below the 3600 mark.
Trading the shilling closed at 3585/3595 from the opening levels of 3580/3590.
Traders said the shilling is still anticipated to trade within the 3570-3630 range in the near term.
Money market liquidity improved according to Absa data, with the overnight and one-week trades averaging at 9.97% and 10.31%, respectively, lower than yesterday's average funding levels.