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 near record low as dollar demand rises
The Uganda shilling weakened further against the US dollar this week, sliding to near record lows as strong demand for foreign currency from manufacturers, energy and telecommunications companies put renewed pressure on the local unit. The shilling opened the week at Shs3,895/3,905 against the dollar before weakening to Shs3,945/3,955 on
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 holds firm as dollar, pound face global pressure
The Uganda shilling remained relatively stable during the week as the local currency continued to draw support from improved dollar supply, while global markets weighed economic data against geopolitical tensions. The shilling traded around Shs 3,670/3,680 to the dollar during the week, compared to about Shs 3,645/3,655 previously, as demand
Shilling weakens on dollar demand, geopolitical tensions
The Uganda shilling came under pressure during the week, weighed down by strong demand for the US dollar from local market players and offshore investors, alongside renewed geopolitical tensions in the Middle East. The local unit depreciated to close at 3670/3680, compared to the week’s opening levels of 3645/3655. Despite
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 Weakens Slightly Amid Dollar Demand, Global Uncertainty
The Uganda shilling weakened slightly this week, trading at 3,750/3,760 against the US dollar, compared to the previous week’s opening of 3,745/3,755. The depreciation was largely driven by increased demand for hard currency from offshore players and the local interbank market, while corporate players remained on the sidelines, holding shillings
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
