Business
Dollar claws back more gains on Thursday
Traders said the depreciation of the shilling was mainly driven by strong buying interest from offshore investors and the manufacturing sector. The pair is expected to trade within the 3550/3600 range in the near term.
Dollar claws back more gains on Thursday
By: Ali Twaha, Journalists @New Vision
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The US dollar extended its winning streak against the Uganda shilling in Thursday’s session, closing at 3570/3580 compared to the opening levels of 3560/3570.
Traders said the depreciation of the shilling was mainly driven by strong buying interest from offshore investors and the manufacturing sector. The pair is expected to trade within the 3550/3600 range in the near term.
Money markets remained tight according to Absa market report, with interbank overnight and one-week rates averaging 10.09% and 10.22%, respectively.