Uganda Shilling Weakens as Market Reverses Mid-Week Strength
The Uganda shilling gradually lost ground on Friday morning, trading at the 3550/3560 levels, compared to the 3535/3545 levels at the start of the day. Earlier in the week, the market leaned toward a stronger local unit, supported by dollar selling from commercial banks, commodity exporters, and steady inward remittances
Uganda Shilling strengthens amid commodity inflows
The Ugandan shilling demonstrated relative strength in the first week of the month, opening between Shs 3,675 and Shs 3,685 and strengthening to Shs 3,665 / 3,675 by Friday morning. The improvement was primarily driven by portfolio flows, commodity inflows, and remittances, which outweighed corporate demand. The local currency is
