Business
Dollar extends its winning streak against shilling
Traders said the Greenback was supported by strong demand from offshore investors, local interbank players and the energy sector, while inflows from commodity exporters stayed weak.
Dollar extends its winning streak against shilling
By: Ali Twaha, Journalist @New Vision
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The US dollar extended its winning streak against the Uganda shilling on Wednesday.
Traders said the Greenback was supported by strong demand from offshore investors, local interbank players and the energy sector, while inflows from commodity exporters stayed weak.
The shilling closed softer at 3,625 / 3,635 compared with the opening level of 3,575 / 3,585. Traders expect it to hold within a revised range of 3,580 / 3,670 in the near term.
Money market liquidity stayed tight, with interbank overnight and one-week rates averaging 10.02% and 10.17%, respectively, according to Absa market data. The Bank of Uganda conducted an open market operation, mopping up sh150b through an overnight repo.