Shilling holds steady as corporate buyers step in
Traders said that the currency remains in a consolidating phase and could move within the sh3525–sh3600 range in the near term.
Shilling holds steady as corporate buyers step in
By Ali Twaha
Journalists @New Vision
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The Uganda shilling was unchanged on Thursday, with slow interbank trading keeping the currency stable for much of the day.
Traders said activity picked up in the afternoon when manufacturers and energy companies bought into the shilling’s minor dips, helping it close where it started at sh3550/3560 to the dollar.
Traders said that the currency remains in a consolidating phase and could move within the sh3525–sh3600 range in the near term.
Money markets stayed liquid despite the full settlement of treasury bills. The Bank of Uganda withdrew sh560.7b from the system through a seven-day repo and BOU Bills to manage the excess.
According to Absa data, interbank lending rates averaged 10.04% overnight and 10.20% for one-week funding.