Business
Currency update from Tuesday’s session
The shilling closed the day at 3725 / 3735, softer than the opening levels of 3715 / 3725.
Currency update from Tuesday’s session
By: Ali Twaha, Journalist @New Vision
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The shilling weakened further on Tuesday as interbank participants moved aggressively to cover short dollar positions amid sustained hard currency demand from corporate clients.
The shilling closed the day at 3725 / 3735, softer than the opening levels of 3715 / 3725. Traders said strong demand from the energy and manufacturing sectors continued to weigh on the local unit, outweighing inflows from remittances and commodity exporters.
Money market conditions remained liquid, with overnight rates averaging 9.53% according to a market report from Absa. The Bank of Uganda stayed on the sidelines and did not conduct open market operations.
Money market conditions remained liquid, with overnight rates averaging 9.53% according to a market report from Absa. The Bank of Uganda stayed on the sidelines and did not conduct open market operations.