Shilling gains against US dollar

Jun 13, 2004

The Ugandan shilling gained against the dollar last week on low corporate dollar demand, project aid and central bank dollar sales, dealers said on Friday.

By Paul Busharizi

The Ugandan shilling gained against the dollar last week on low corporate dollar demand, project aid and central bank dollar sales, dealers said on Friday.

The shilling closed the week at around 1,825/35 to the dollar up from 1,833/38 the previous week.
“The shilling has gained value because of low corporate dollar demand and we are still seeing a lot of project inflows,” dfcu chief dealer David Bagambe told New Vision.

“We also think the Bank of Uganda is trying to mop up excess shillings by selling dollars,” Bagambe said.
Dealers said wholesale trading will be restricted to between sh1,825 and 1,845 dollar range.

The pound closed the week at sh3,300/400 compared to last week’s close of 3,320/70 while the Euro closed at sh2,165/240 buying and selling respectively.

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