Shilling under pressure as dollar demand rise
The Uganda shilling came under renewed pressure last week as strong dollar demand from offshore investors and large corporate importers outweighed intermittent foreign-currency inflows, according to Absa Bank Uganda. The local currency opened the week strongly, appreciating from Shs3,930/3,940 to Shs3,895/3,905 against the US dollar as subdued hard-currency demand and
Shilling faces renewed pressure as dollar demand rises
The Uganda shilling is expected to remain under pressure in the near term as renewed demand for the US dollar from offshore investors and large corporate importers weighs on the local currency. The shilling had a volatile but broadly stable week, with intermittent foreign-currency inflows from commodity exporters, charities and
Shilling slides to 25-year low as dollar demand intensifies
The Uganda shilling weakened sharply against the US dollar this week, touching a 25-year low of 3,870/3,880 on Friday morning as strong demand for hard currency from corporates, importers, interbank and offshore players outpaced available dollar inflows. The shilling opened the week at 3,775/3,785, with dollar demand from importers and
Shilling strengthens on strong inflows as liquidity surges
The Uganda shilling posted modest gains last week, supported by strong inflows from commodity exporters, remittances and non-governmental organisations, which offset demand for foreign exchange from corporate players. According to Richard Nsubuga, Acting Head of Trading, CIB Markets at Absa Bank Uganda, the local unit traded at 3,725/3,735 on Friday
Shilling weakens further as dollar demand surges
The Uganda shilling extended its losses against the dollar in Friday’s trading session, weighed down by strong demand from key sectors including energy, manufacturing and telecommunications. Market players said the greenback demand outpaced limited inflows from commodity exports, remittances and non-governmental organisations, leaving the local unit under sustained pressure. Richard
Shilling strengthens on FX inflows as markets eye new financial year pressures
The Uganda shilling strengthened this week, supported by end-of-financial-year tax conversions and steady dollar inflows from remittance firms, commodity exporters and offshore players, amid subdued corporate demand. By Friday morning, the local unit was trading at 3,645/3,655, an appreciation from the week’s opening levels of 3,690/3,700. Market analysts attribute the
Uganda Shilling Gains as Dollar Demand Eases
The Uganda shilling registered gains this week, a move largely attributed to subdued demand for the currency amidst inflows from commodity exporters, remittance firms and charity organizations. The local unit was seen trading stronger at 3765 / 3775 levels compared to the week’s opening of 3778 / 3788 levels. Looking
Shilling firms on steady inflows as global risks lift dollar and oil
The local currency held firm over the week, supported by steady inflows from commodity exporters, remittances and selective portfolio investments. The shilling strengthened to 3745/3755, compared to last week’s close of 3765/3775. Despite sustained foreign currency demand from corporates in manufacturing, energy and telecom sectors, pressure was not strong enough
Shilling Weakens as Global Tensions Rattle Markets
The local currency remained under pressure during the week, weighed down by sustained dollar demand from corporates, local banks and select offshore players. As a result, the shilling weakened to close the week’s trading at around 3755/3765, compared with 3715/3725 in the previous week. Dollar inflows from commodity exporters and
Shilling weakens as dollar demand intensifies, global tensions rattle markets
The Uganda shilling came under renewed pressure during the week, weighed down by sustained dollar demand from corporates, commercial banks and select offshore players, market analysts have said. By Friday, the local currency was trading at around 3,715/3,725, weaker than the previous week’s close of 3,695/3,705. According to Richard Nsubuga,
