Shilling trades in narrow range on Thursday

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The Uganda shilling traded in a narrow range, opening and closing at the 3620/3630 levels during Thursday’s trading session.

Traders said the dollar demand and supply was well balanced intraday, with inflows seen from commodity exporters, end-of-month inward remittances that balanced the dollar buying interest from the manufacturing and energy sectors.

Traders still anticipate the local unit to post further marginal gains, drawing support from the expected month-end flows and some dollar inflows targeting investments in the treasury bonds.

The money markets were liquid during the day’s session, with the interbank overnight and one-week yields averaging at 9.01% and 9.92%, respectively, according to Absa market report.