Currency update from Wednesday’s session
Traders said most corporates are preferring to stay on the sidelines as they remit their end of financial year tax obligations in the last days of this month.
Currency update from Wednesday’s session
By Ali Twaha
Journalists @New Vision
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The Uganda shilling traded marginally stronger against the dollar, with further support seen coming from commodity exporters amid waning corporate demand.
Traders said most corporates are preferring to stay on the sidelines as they remit their end of financial year tax obligations in the last days of this month.
The local currency closed Wednesday trading at 3590 / 3600 per dollar compared to the opening of 3592 / 3602.
Money markets continue to be flooded with liquidity, clearly reflected in the day’s overnight trades, which have averaged at 7.97% and while one week at 9.5% according to Absa data.
In the global markets, the US dollar index edged higher by 0.2% to 97.665 Wednesday, but was struggling to regain lost ground linked to the Israel-Iran war.
The Euro fell 0.1% to 1.1599 in early Wednesday European session.