Business
Shilling gains slightly in Thursday’s session
The USD/UGX pair closed the day at 3720/3730, compared with the previous day's closing levels of 3725/3735.
Shilling gains slightly in Thursday’s session
By: Ali Twaha, Journalist @New Vision
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The Uganda shilling strengthened marginally against the dollar during Thursday’s trading session.
The USD/UGX pair closed the day at 3720/3730, compared with the previous day's closing levels of 3725/3735.
Traders said the local currency was supported by improving sentiment surrounding geopolitical developments in the Middle East, following reports that Iran had indicated an agreement on Hormuz shipping arrangements with Oman.
Liquidity conditions in the money market continued to improve, according to Absa market data, supported by redemptions and coupon payments. As a result, overnight and one-week lending rates averaged 9.75% and 10.00%, respectively.
Traders said the local currency was supported by improving sentiment surrounding geopolitical developments in the Middle East, following reports that Iran had indicated an agreement on Hormuz shipping arrangements with Oman.
Liquidity conditions in the money market continued to improve, according to Absa market data, supported by redemptions and coupon payments. As a result, overnight and one-week lending rates averaged 9.75% and 10.00%, respectively.