Business
Shilling closes Tuesday’s session weaker
The local unit posted a slight depreciation, with the pair closing at 3660 / 3670 compared to the opening levels of 3650 /3660.
Shilling closes Tuesday’s session weaker
By: Ali Twaha, Journalist @New Vision
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The Uganda shilling traded marginally weaker against the U.S dollar in Tuesday’s session, weighed down by robust demand for hard currency.
Traders linked the slight weakness to local market participants and offshore investors who were liquidating part of their government bond holdings ahead of Thursday’s redemption.
Traders linked the slight weakness to local market participants and offshore investors who were liquidating part of their government bond holdings ahead of Thursday’s redemption.
The local unit posted a slight depreciation, with the pair closing at 3660 / 3670 compared to the opening levels of 3650 /3660.
However, money market conditions remained liquid according to Absa, with overnight and one-week rates averaging 9.75% and 9.90%, respectively.
However, money market conditions remained liquid according to Absa, with overnight and one-week rates averaging 9.75% and 9.90%, respectively.