Uganda shilling weakened by dollar demand
The Ugandan
shilling weakened on Wednesday, undermined by dollar demand from
telecoms and energy companies and the euro’s slide against the dollar,
traders said.
At 1037 GMT,
commercial banks quoted the shilling at 2,290/2,295 per dollar, weaker
than 2,285/2,290 at Tuesday’s close. Traders forecast it would trade
within the 2,290-2,297 range in the days ahead.
“I think we will
continue to see a weak shilling. We saw some dollar demand from the
energy and telecom sectors, which depleted what was available in a
market that is short on dollars,” said Faisal Bukenya, head of market
making at Barclays Bank, Uganda.
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