Currency updates from Wednesday’s session

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The Uganda shilling closed the month of April trading within a narrow range but biased towards a stronger unit, traders said.

The unit opened the session at the 3660/3670 levels and closed at the 3657/3667.

The local unit is still shy of the 3650 support mark having traded sideways for the last two weeks of the month, with a few attempts to break out of this narrow trading channel this week.

Experts say dollar inflows from commodity exports and end of month diaspora inward remittances have continued to support the shilling, which is still anticipated to trade within the 3650-3700 range in the near term.

Money markets remained liquid according to the Absa market report during Wednesday’s session with overnight and one-week trading at the averages of 10.14% and 11.46%, respectively.