Shilling surrenders more gains in Thursday's session

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The Uganda shilling lost ground against the US dollar to close the day at 3460/3470 from the day’s opening of 3453/3463.

Traders said the weakening was underpinned by dollar buying interest by offshore market participants.

The local unit briefly touched 3470/3480 in the mid-afternoon of the session, attracting aggressive dollar selling into the spot market that triggered a notable intraday recovery.

In the near term, the shilling is expected to trade within the 3400–3500 range, according to the Absa market report.

Money markets remained liquid, with the Bank of Uganda having mopped up excess liquidity of up to sh824b.