Currency updates from Monday’s session

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The Uganda shilling opened the week on a strong note, gaining momentum against the US dollar.

The local currency closed today’s session at the 3468/3478 levels, strengthening from the opening levels of 3485/3495.

During intraday trading, the shilling briefly touched 3460/3470, sparking buying interest that balanced out the supply side and led to a correction back to 3468/3478.

The shilling is expected to trade within the 3430/3500 range in the near term, according to Absa reports.

Money markets remained liquid with the interbank overnight and one week trades averaging at 8.96% and 10.00%, respectively. This prompted the central bank to mop out sh268b in a 3-day repo.