Shilling stabilises Tuesday on flat dollar demand
Traders said the trend was underpinned by subdued demand for US Dollar across sectors amid selling interest from commodity exporters and some commercial banks.
Shilling stabilises Tuesday on flat dollar demand
By Ali Twaha
Journalists @New Vision
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The Uganda shilling stabilised in a positive territory, closing Tuesday at 3552/3562, marginally stronger from the opening of 3555/3565.
Traders said the trend was underpinned by subdued demand for US Dollar across sectors amid selling interest from commodity exporters and some commercial banks.
Market analyst still project the local unit to trade range-bound within the strong region between 3525 and 3585 range in the near term.
Money markets were liquid according to Absa report, with the interbank overnight and one-week funding trades averaging at 9.49% and 10.50%, respectively. The Bank of Uganda has scheduled a treasury bills auction with sh355b face value on offer on Wednesday.