Business
Shilling gains slightly against dollar in Thursday’s session
Traders said the local currency also benefited from sustained inflows from remittances and the commodities sector, closing at 3715 / 3725, firmer than the previous session's close of 3720 / 3730.
Shilling gains slightly against dollar in Thursday’s session
By: Ali Twaha, Journalist @New Vision
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The Uganda shilling posted a modest appreciation in Thursday’s trading session, supported by muted dollar demand in the interbank market.
Traders said the local currency also benefited from sustained inflows from remittances and the commodities sector, closing at 3715 / 3725, firmer than the previous session's close of 3720 / 3730.
Liquidity conditions in the money market improved further, according to Absa, bolstered by repo maturities, which triggered the Bank of Uganda to conduct Open Market Operations, absorbing excess liquidity via the sale of Bank of Uganda bills and a 7-day mop-up repo. A total of sh727.6b was mopped up.
Liquidity conditions in the money market improved further, according to Absa, bolstered by repo maturities, which triggered the Bank of Uganda to conduct Open Market Operations, absorbing excess liquidity via the sale of Bank of Uganda bills and a 7-day mop-up repo. A total of sh727.6b was mopped up.