Business
Shilling loses further ground on Tuesday
Traders said dollar buying interest from the energy and manufacturing sectors added more pressure to the shilling.
Shilling loses further ground on Tuesday
By: Ali Twaha, Journalists @New Vision
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The Uganda shilling lost significant ground against the Dollar on the back of dollar demand from offshore and interbank market players.
Traders said dollar buying interest from the energy and manufacturing sectors added more pressure to the shilling.
The local unit closed at the 3775/3785 levels from the opening of the 3530/3540 in a session. The shilling is anticipated to trade within a revised range of 3525/3625 in the near term.
The money market's liquidity remained tight in Wednesday’s session, with the interbank overnight and one-week trades averaging at 9.68% and 10.05%, respectively, according to Absa market data.