Business
Shilling gains slightly amid geopolitical tensions
Money markets were liquid according to Absa, with interbank overnight and one-week rates averaging 9.73% and 10.13%, respectively.
The pair touched intraday lows of 3690/3700, which attracted demand from corporates and local banks, prompting a modest rebound.
By: Ali Twaha, Journalists @New Vision
KAMPALA - After several consecutive sessions of gains against the Uganda shilling, the US dollar lost ground in Tuesday’s trading, closing at 3700/3710 compared to the opening levels of 3750/3760.
The pair touched intraday lows of 3690/3700, which attracted demand from corporates and local banks, prompting a modest rebound.
Despite today’s recovery, the shilling is expected to remain under pressure amid ongoing geopolitical tensions in the Middle East.
Money markets were liquid according to Absa, with interbank overnight and one-week rates averaging 9.73% and 10.13%, respectively.
The central bank conducted a 2-day repo, mopping up sh433b in excess liquidity.