Uganda Shilling opens week on stable footing

KAMPALA - The Uganda shilling opened the week on a strong footing against the dollar on Monday as a result of healthy flows amid muted demand for hard currency, traders said.

The local unit opened the day’s trading at the 3570/3580 levels and closed at 3550/3560 levels, a tad stronger from last week’s session.

Money markets remained liquid according to Absa with overnight yields at averages of 6.64%.

There is a Monetary Policy meeting scheduled this month (April) which is likely to determine future shilling movements going forward.

Source: New Vision


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