Uganda shilling plunges against dollar
Jan 18, 2010
KAMPALA -The Ugandan shilling eased against the US dollar yesterday due to upbeat corporate demand that outweighed available inflows, dealers said. At 0840 GMT commercial banks exchanged the local unit 1,930/1,935 shillings per dollar, compared with Friday’s close of 1,925/1,935.
KAMPALA -The Ugandan shilling eased against the US dollar yesterday due to upbeat corporate demand that outweighed available inflows, dealers said.
At 0840 GMT commercial banks exchanged the local unit 1,930/1,935 shillings per dollar, compared with Friday’s close of 1,925/1,935.
“Demand has continued to pick up mainly from telecoms and oil companies. The shilling will continue to come under pressure this week,†said Faisal Bukenya from Barclays Bank.He said there was also dollar demand from manufacturers.
Some traders see the local unit trading within the 1,925-1,945 range over the coming days. Other dealers see the shilling holding steady within the week. “We think it will remain stable at the current levels of 1,930/1,935 and possibly edging down later in the week,†said another trader.
The shilling has depreciated against the greenback since the beginning of the year on the back of upbeat demand amid sluggish inflows to support it.
Reuters
At 0840 GMT commercial banks exchanged the local unit 1,930/1,935 shillings per dollar, compared with Friday’s close of 1,925/1,935.
“Demand has continued to pick up mainly from telecoms and oil companies. The shilling will continue to come under pressure this week,†said Faisal Bukenya from Barclays Bank.He said there was also dollar demand from manufacturers.
Some traders see the local unit trading within the 1,925-1,945 range over the coming days. Other dealers see the shilling holding steady within the week. “We think it will remain stable at the current levels of 1,930/1,935 and possibly edging down later in the week,†said another trader.
The shilling has depreciated against the greenback since the beginning of the year on the back of upbeat demand amid sluggish inflows to support it.
Reuters