Shilling Strengthens Amid Portfolio Inflows as Dollar Index Stabilizes
A combination of portfolio flows, commodity inflows, and remittances outweighed corporate demand, helping the Ugandan shilling strengthen against the U.S. dollar during the week’s trading session, according to Richard Nsubuga, Trader CIB Markets at Absa Bank Uganda. The local unit traded at 3660/3670 per dollar, improving from the week’s opening
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
