Uganda Shilling firms against dollar
Mar 11, 2007
THE shilling was mixed against the dollar last week, initially trading weaker but later strengthening on inflows from humanitarian agencies in the week to Friday.
By Sylvia Juuko
THE shilling was mixed against the dollar last week, initially trading weaker but later strengthening on inflows from humanitarian agencies in the week to Friday, dealers said.
The local unit closed trading at 1,753/1,758 to the dollar compared to the previous week’s rate of 1,745/1,750.
“On Monday, we saw increased demand for the dollar from corporates which pushed the shilling to 1,758/1,763 by close of business.
“The greenback continued to appreciate as market seemed short on dollars, trading at 1,774/1779, which was the week’s highest,†said Denis Mushabe, the spot trader at Standard Chartered Bank.
The shilling recouped its losses in mid-week and closed the trading stronger at 1,753/1,758 after the public holiday on Thursday.
Market sentiment is for a stable local unit to trade within the 1,745/1765 ranges this week.
THE shilling was mixed against the dollar last week, initially trading weaker but later strengthening on inflows from humanitarian agencies in the week to Friday, dealers said.
The local unit closed trading at 1,753/1,758 to the dollar compared to the previous week’s rate of 1,745/1,750.
“On Monday, we saw increased demand for the dollar from corporates which pushed the shilling to 1,758/1,763 by close of business.
“The greenback continued to appreciate as market seemed short on dollars, trading at 1,774/1779, which was the week’s highest,†said Denis Mushabe, the spot trader at Standard Chartered Bank.
The shilling recouped its losses in mid-week and closed the trading stronger at 1,753/1,758 after the public holiday on Thursday.
Market sentiment is for a stable local unit to trade within the 1,745/1765 ranges this week.