Business
Local currency posts marginal gains on Tuesday
In the money markets, liquidity conditions remained relatively tight, according to a market report from Absa, despite the Bank of Uganda's decision to maintain the Central Bank Rate (CBR) at 12% during yesterday’s Monetary Policy Committee meeting.
Traders said the local unit was largely supported by subdued corporate and interbank dollar demand, which underpinned the shilling throughout the session.
By: Ali Twaha, Journalist @New Vision
KAMPALA - The Uganda shilling strengthened against the dollar in today’s trading session, appreciating from opening levels of 4100 / 4110 to touch an intraday high of 4065 / 4075 before surrendering some of those gains to close at 4075/4085.
Traders said the local unit was largely supported by subdued corporate and interbank dollar demand, which underpinned the shilling throughout the session.
Traders said the local unit was largely supported by subdued corporate and interbank dollar demand, which underpinned the shilling throughout the session.
In the money markets, liquidity conditions remained relatively tight, according to a market report from Absa, despite the Bank of Uganda's decision to maintain the Central Bank Rate (CBR) at 12% during yesterday’s Monetary Policy Committee meeting.
The report said funding pressures persisted across the interbank market, with overnight lending rates rising to as high as 13.60%, reflecting continued demand for shilling liquidity.
The report said funding pressures persisted across the interbank market, with overnight lending rates rising to as high as 13.60%, reflecting continued demand for shilling liquidity.