Business
Shilling recovers slight losses to the dollar
Traders said additional support came from month-end foreign currency inflows, particularly from remittances and not-for-profit organizations, which boosted dollar supply in the market.
The currency strengthened during the session, closing at 3770 / 3780 compared to opening levels of 3785 / 3795.
By: Ali Twaha, Journalist @New Vision
KAMPALA - The Uganda shilling recovered some of the losses recorded earlier in the week, supported by a slowdown in corporate demand for the Greenback, which helped ease pressure on the local unit.
The currency strengthened during the session, closing at 3770 / 3780 compared to opening levels of 3785 / 3795.
Traders said additional support came from month-end foreign currency inflows, particularly from remittances and not-for-profit organizations, which boosted dollar supply in the market.
In the money markets, liquidity conditions continued to improve supported by maturities last week, with overnight and one week funding rates averaging 9.75% and 9.90%, respectively according to Absa.
The Bank of Uganda is scheduled to return to the primary market tomorrow for a Treasury Bill auction with sh350b up on offer. Yields are expected to remain relatively stable across all tenors.
In the money markets, liquidity conditions continued to improve supported by maturities last week, with overnight and one week funding rates averaging 9.75% and 9.90%, respectively according to Absa.
The Bank of Uganda is scheduled to return to the primary market tomorrow for a Treasury Bill auction with sh350b up on offer. Yields are expected to remain relatively stable across all tenors.