Shilling extends winning streak against dollar

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The Uganda shilling extended its winning streak against the US dollar, closing at the 3425/3435 levels from the opening of 3440/3450 on Tuesday.

The trading session saw the dollar under more selling pressure from commercial banks and commodity exporters, traders said.

The local unit is still trading at levels last seen in October 2016 and is projected to trade range-bound with a bias towards a consolidative price pattern.

The money markets remained liquid on Tuesday, opening the day with an expected excess on the overall market reserve position of circa sh54.7b. The interbank overnight and one-week rates averaged at 9.98% and 10.50%, respectively, Absa report shows.

Bank of Uganda has scheduled a treasury bill auction tomorrow (October 8) with sh355b on offer.