Business
Shilling weakens Monday on demand from energy sector
Traders said the weakness in the local unit came despite dollar support from remittance inflows and commodity exporters.
Shilling weakens Monday on demand from energy sector
By: Ali Twaha, Journalist @New Vision
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The Uganda shilling weakened against the dollar in Monday’s session as demand from the energy and manufacturing sectors continued to exert pressure on the market.
Traders said the weakness in the local unit came despite dollar support from remittance inflows and commodity exporters.
Traders said the weakness in the local unit came despite dollar support from remittance inflows and commodity exporters.
The shilling closed at 3715/3725, softer than last week's close of 3705/3715.
Money markets remained liquid, with overnight rates averaging 9.06% according to the Absa market report. The Bank of Uganda remained on the sidelines, opting not to conduct any market operations.
Money markets remained liquid, with overnight rates averaging 9.06% according to the Absa market report. The Bank of Uganda remained on the sidelines, opting not to conduct any market operations.