Business
Shilling opens October with fresh pressures
Traders said the fall was driven mainly by renewed interbank demand for dollars as offshore investors unwound parts of their local bond holdings, lifting demand for foreign currency.
Shilling opens October with fresh pressures
By: Ali Twaha, Journalist @New Vision
________________
The Uganda shilling opened October under pressure on Thursday, weakening to fresh record lows of 3,970/3,980 per dollar.
Traders said the fall was driven mainly by renewed interbank demand for dollars as offshore investors unwound parts of their local bond holdings, lifting demand for foreign currency.
The unit lost about 1% in the session, closing at 3,960/3,970 after opening at 3,920/3,930.
Liquidity in the money markets continued to improve after month-end releases, easing the squeeze of recent sessions, Absa said in a report.
The Bank of Uganda stayed active, absorbing surplus funds through repo operations and sales of central bank bills to keep interbank liquidity balanced.
Liquidity in the money markets continued to improve after month-end releases, easing the squeeze of recent sessions, Absa said in a report.
The Bank of Uganda stayed active, absorbing surplus funds through repo operations and sales of central bank bills to keep interbank liquidity balanced.