Business
Shilling posts slight gains on Thursday
Traders said the recovery was largely driven by subdued dollar demand and a healthy supply of foreign exchange inflows, which helped alleviate pressure on the local unit and supported the shilling’s rebound throughout the day.
Shilling posts slight gains on Thursday
By: Ali Twaha, Journalist @New Vision
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The Uganda shilling posted gains against the US dollar today, appreciating from opening levels of 4340 /4350 to an intraday high of 4330 / 4340, before closing the session at 4345/4355.
Traders said the recovery was largely driven by subdued dollar demand and a healthy supply of foreign exchange inflows, which helped alleviate pressure on the local unit and supported the shilling’s rebound throughout the day.
Traders said the recovery was largely driven by subdued dollar demand and a healthy supply of foreign exchange inflows, which helped alleviate pressure on the local unit and supported the shilling’s rebound throughout the day.
The gains also follow Wednesday's Treasury Bond auction, which recorded a significant increase in yields across all four maturities compared to the previous auction of the same tenors.
The auction attracted total bids of approximately sh2.9 trillion against an advertised offer of sh1.40 trillion, demonstrating continued investor interest in Government securities. The Uganda Shilling received temporary support during the day’s session.
The auction attracted total bids of approximately sh2.9 trillion against an advertised offer of sh1.40 trillion, demonstrating continued investor interest in Government securities. The Uganda Shilling received temporary support during the day’s session.