Business
Currency updates from Thursday’s session
According to traders, the decline was driven by strong corporate demand for hard currency from the energy, manufacturing, and aviation sectors, as well as from several government parastatals.
Currency updates from Thursday’s session
By: Ali Twaha, Journalist @New Vision
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The Uganda shilling weakened on Thursday, depreciating from opening levels of 3735 / 3745 to close the day at 3750/3760 against the dollar.
According to traders, the decline was driven by strong corporate demand for hard currency from the energy, manufacturing, and aviation sectors, as well as from several government parastatals.
According to traders, the decline was driven by strong corporate demand for hard currency from the energy, manufacturing, and aviation sectors, as well as from several government parastatals.
Although month-end inflows provided some support, they were insufficient to offset the heightened dollar demand and underpin the local currency.
In the money markets, liquidity conditions continued to improve according to Absa, with overnight and one-week funding rates averaging 9.75% and 9.90%, respectively.
In the money markets, liquidity conditions continued to improve according to Absa, with overnight and one-week funding rates averaging 9.75% and 9.90%, respectively.