Uganda Shilling depreciates

The Uganda Shilling has depreciated against all major traded currencies on the local foreign exchange market.

The local unit which continues to be volatile traded at an average of 3,564/3,574 against the US Dollar on Wednesday morning.

And by the close of business, the unit was in the range of 3,581/3591 buying and selling respectively, compared to Tuesday's closing session of 3,552.82/3562.82.

Dealers said the shilling was undermined by corporate demand.

"The laxity to buy and sell dollars has rendered us idle. There is less business for us" said a dealer at Sunset Arcade.