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 as dollar demand, global tensions weigh on market
The Uganda shilling lost further ground during the week, weighed down by strong demand for hard currency from local market players and offshore investors, as well as renewed geopolitical tensions in the Middle East. The local unit closed the week trading at 3690/3700, weaker than the opening levels of 3670/3680.
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
“Currency, Money Markets Remain Steady Amid Global Trade Developments”
The Ugandan shilling remained stable, trading within the 3,650–3,670 range, supported by dollar inflows from commodity exporters and offshore investors, according to Richard Nsubuga, a Trader in CIB Markets at Absa Bank Uganda. Demand for the dollar remained low throughout the week. We anticipate the shilling will maintain its strength
Ugandan Shilling Ends April Steady as Dollar Inflows Bolster FX Market
The Ugandan shilling closed April trading steady within the 3655–3670 range, supported by dollar inflows from commodity exporters and offshore investors, according to Richard Nsubuga, Acting Head of Trading at Absa Bank Uganda. Demand for hard currency remained subdued throughout the week. Looking ahead, we anticipate the shilling will retain
Ugandan Shilling Remains Steady Amid Balanced Currency Flows and Improved Market Liquidity
The Ugandan shilling held firm against the US dollar throughout the week, trading within a narrow and stable range. This stability was supported by balanced activity between buyers and sellers in the foreign exchange market, according to Catherine Kijjagulwe, Acting Head of Markets at Absa Bank Uganda. Commodity-related inflows were
Ugandan Shilling Stabilizes Amid Balanced Market Activity and Central Bank Intervention
The Ugandan shilling maintained a stable trading range between 3660 and 3675, supported by subdued and balanced market activity. This stability follows a significant market correction from last week’s local unit lows of 3730/3740, and a gradual appreciation that closed the week at 3660/3670. The Bank of Uganda intervened in
