Shilling weakens as corporate dollar demand persists
The Uganda shilling weakened slightly against the US dollar during the week as sustained corporate demand for foreign currency outweighed available inflows, although increased receipts from commodity exporters and remittances helped limit the losses. The local currency closed the week at Shs3,715/3,725 per US dollar, compared with Shs3,705/3,715 at the
Shilling Weakens on Corporate Dollar Demand as Global Pressures Mount
The Uganda shilling traded under sustained pressure this week, weighed down by persistent corporate demand for the US dollar and limited foreign currency inflows. Market activity showed that dollar supply from entities settling end-of-financial-year tax obligations was insufficient to support the local unit. At the same time, offshore investor appetite
Uganda Shilling Holds Steady Amid Global Economic Uncertainty
The Uganda shilling remained stable against the US dollar over the week, trading within the 3765/3775 range, unchanged from its opening levels, according to Richard Nsubuga, Acting Head of Trading, CIB Markets at Absa Bank Uganda. He attributed the stability to a balance between demand and supply in the foreign
Shilling Firms on Improved Global Sentiment as Ceasefire Eases Market Pressure
The local currency recorded gains over the week, supported by improved investor sentiment following geopolitical developments in the Middle East, where a fragile two-week ceasefire was agreed. The shilling traded firmer on Friday morning at 3695/3705, strengthening from the week’s opening levels of 3740/3750. Market activity remained subdued, with interbank
