Business
Shilling slightly stronger in Tuesday’s session
Money market liquidity remained tight, according to Absa market report, with interbank overnight and one-week rates averaging 10.03% and 10.21%, respectively.
Shilling slightly stronger in Tuesday’s session
By: Ali Twaha, Journalists @New Vision
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The Uganda shilling strengthened during Tuesday’s session, closing at 3530/3540 against the US dollar, five shillings firmer than last week’s closing.
In early trading, the currency briefly touched 3525/3535 before pulling back, mainly due to offshore demand that outweighed inflows from commodity, remittance, and hedge funds. The shilling is expected to trade within the 3520/3590 range.
Money market liquidity remained tight, according to Absa market report, with interbank overnight and one-week rates averaging 10.03% and 10.21%, respectively.