Shilling faces offshore pressure, closes Monday weaker

The Uganda shilling commenced the trading week grappling with downward pressure as offshore investors displayed heightened buying interest, traders said.   

Market data reveals that the currency concluded the day trading at the 3745/3755 levels, weaker than the day’s opening levels of 3725/3735. 

Meanwhile, money markets opened the week with relatively tight liquidity with overnight trades trending at an average rate of 10.25%. Mid-month tax payments were seen as the main catalyst for the liquidity tightness, according to Absa traders.