Shilling gains slightly on portfolio inflows
Liquidity in the money markets remained tight according to Absa report with interbank overnight and one-week rates averaging 9.91% and 10.50%, respectively.
The local currency is expected to trade within the sh3,580–3,645 range in the near term.
KAMPALA - The Uganda shilling posted gains on Wednesday, closing the session at the 3597/3607 levels compared to the opening levels of 3615/3625.
The local unit appreciation was on the back of portfolio inflows ahead of the treasury bond auction, which largely outweighed demand from entities in the manufacturing and energy sectors, traders said.
The local currency is expected to trade within the sh3,580–3,645 range in the near term.
Liquidity in the money markets remained tight according to Absa report with interbank overnight and one-week rates averaging 9.91% and 10.50%, respectively.
The Bank of Uganda has reopened benchmark 3-year, 10-year, and 20-year bonds in today’s auction, where strong participation from market players is anticipated.