Business
Shilling little changed in Wednesday's session
The local unit opened and closed the day at 3660 / 3670.
Shilling little changed in Wednesday's session
By: Ali Twaha, Journalist @New Vision
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The Uganda shilling was little changed against the dollar during Wednesday’s session, as demand and supply remained largely in equilibrium.
Traders said trading activity was notably subdued, with many market participants opting to stay on the sidelines at the onset of the new fiscal year. The local unit opened and closed the day at 3660 / 3670.
In the money markets, the market was liquid with overnight and one-week rates averaging 9.75% and 10.00%, respectively, according to Absa data.
To manage the excess funds, the Central Bank was in the market and mopped up sh1.085 trillion through Bank of Uganda bills and the 7-Day REPO, Absa reports.