Business
How the shilling fared on Wednesday
Traders said the weakening was supported by significant demand from energy, manufacturing, and offshore market players.
How the shilling fared on Wednesday
By: Ali Twaha, Journalists @New Vision
________________
The Uganda shilling lost ground against the dollar for another straight session, closing at 3565/3575 from the opening levels of 3537/3547.
Traders said the weakening was supported by significant demand from energy, manufacturing, and offshore market players.
The local unit is likely to continue trading under pressure going forward due to an increase in the offshore dollar demand.
Money markets were liquid, according to a report from Absa, with interbank overnight and one-week rates averaging 9.82% and 10.08%, respectively.