Business
Uganda shilling weakens on offshore activity
Money markets were liquid according to Absa data, with interbank overnight and one-week rates averaging 9.55% and 10.06%, respectively.
Traders said dollar buying interest was primarily driven by offshore participants, while demand from local players remained largely muted.
By: Ali Twaha, Journalists @New Vision
KAMPALA - The Uganda shilling closed Tuesday’s session at 3,537/3,547, weaker than the opening range of 3,525/3,535.
Traders said dollar buying interest was primarily driven by offshore participants, while demand from local players remained largely muted.
Money markets were liquid according to Absa data, with interbank overnight and one-week rates averaging 9.55% and 10.06%, respectively.
In the global markets, market participants are closely watching the U.S. Federal Reserve policy announcement, scheduled for 10:00PM on December 10. Market observers widely anticipate a 25bps rate cut.