Shilling down
Sep 24, 2006
THE Ugandan shilling edged down against the US dollar as corporate players bounced back into the market to meet end-month obligations in the week to Friday, dealers said.
By Sylvia Juuko
THE Ugandan shilling edged down against the US dollar as corporate players bounced back into the market to meet end-month obligations in the week to Friday, dealers said.
The shilling was trading at 1,853/1,856 per US dollar compared to last week’s 1,850/1,855.
“Prevailing levels of around 1,850-1,851 attracted some corporates especially the telecommunications and energy sub-sectors to buy the greenback in preparation for overseas end-month payments,†Benson Kaburu, a dealer at Standard Chartered Bank, said.
Dealers project the shilling to come under pressure in the coming weeks and expect it to trade at 1,852/60 levels.
“The shilling will continue to lose as more dollar demand comes into the market as importers buy the greenback to meet foreign exchange end-month obligations,†Kaburu said.
Ends
THE Ugandan shilling edged down against the US dollar as corporate players bounced back into the market to meet end-month obligations in the week to Friday, dealers said.
The shilling was trading at 1,853/1,856 per US dollar compared to last week’s 1,850/1,855.
“Prevailing levels of around 1,850-1,851 attracted some corporates especially the telecommunications and energy sub-sectors to buy the greenback in preparation for overseas end-month payments,†Benson Kaburu, a dealer at Standard Chartered Bank, said.
Dealers project the shilling to come under pressure in the coming weeks and expect it to trade at 1,852/60 levels.
“The shilling will continue to lose as more dollar demand comes into the market as importers buy the greenback to meet foreign exchange end-month obligations,†Kaburu said.
Ends