Shilling trades steadily on Thursday

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The Uganda shilling traded within a narrow range of 3540/3550 on Thursday against the dollar.

Traders said activity was balanced during the session from commodity clients and the manufacturing sector. The unit is anticipated to trade within the 3520 - 3595 levels.

The money markets were liquid according to Absa market data, with the interbank overnight and one-week yields averaging at 9.59% and 9.99%, respectively.

In the global currency market, the Federal Reserve is expected to reduce interest rates by 25 basis points to a range of 3.5%-3.75% at next week’s meeting.

In the crypto space, Bitcoin held steady on Thursday, having rebounded from a low of 83.5 at the start of the week to just below 93k at the time.

The recovery has been seen across the crypto space with the total crypto market cap rising to $3.16 trillion, up from $2.88 trillion on Monday.