Business
Local currency remains stable Thursday
Traders said selling interest emerged from offshore players and interbank participants, largely driven by bond auction settlements, which boosted dollar supply.
Local currency remains stable Thursday
By: Ali Twaha, Journalist @New Vision
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The Ugandan shilling strengthened modestly on Thursday, opening at 3,745/3,755 against the dollar and closing firmer at 3,735/3,745.
Traders said selling interest emerged from offshore players and interbank participants, largely driven by bond auction settlements, which boosted dollar supply.
Mid-month tax obligations, however, kept most corporates on the sidelines, reducing overall dollar demand.
Liquidity in the banking system remained ample, with short-term interest rates stable. The overnight rate held at 9.75%, while the one-week tenor was quoted at 10.0% according to Absa.