Find visitors' favorite businesstravel Hotels And.... Book your best!

Corporate demand for dollar pushes Uganda shilling to close week at 2,620

Monday July 11, 2011

The shilling tumbled against the dollar having opened 2,510/20 to close 2,610/20 as demand for the US currency persists.

“The market saw sizeable demand from corporates despite the levels being too high,” Denis Mashanyu, a forex dealer at Standard Chartered Bank, said in a weekly brief.

He disclosed that the Central Bank stayed out of the market as political pressure built up.

In the debt market, Mashanyu added, activity remained subdued “as liquidity remains a big challenge as the short-end of the curve remains very high.”

“The Central Bank continued to fund through reverse repurchase agreements in the seven-day tenor in the region of 15%-17%,” he pointed out.

“Next week (this week), we expect the shilling to remain weak with 2,550 providing initial support and 2,700 as the key resistance level.

“Liquidity is likely to remain tight as the Central Bank issues 91-day, 182-day and 365-day treasury bills on July 13,” he said.

The shilling slipped to a low of 2,710 against the dollar last week on strong dollar demand from the oil sector, speculative trading and panic buying, before a Central Bank dollar sale sparked a recovery.

The New Vision Newspaper

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Africa Uganda Currency and Forex News .



Haven't yet found what you Want...?

If you haven't yet found what you were looking for or you need detailed information about the subject matter on this page

then...

feel free to ask our business travel consultants.





Book a Prisons & Correctional
Charity Tour


Farmland for Sale
Prime Commercial Property
Entebbe Rd Land 4 Sale
Over 20 Farmland Parcels
Property & Plots of Land

Uganda Online SuperMarket
africaug.com
Online SuperMarket

Uganda Coffee Safari
Book My Coffee Tour

Uganda Honey
Uganda HoneyComb

Subscribe to our Business Travel Newsletter


Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Africa Uganda Business Travel News Digest.

Hotel Booking

Car RentalCar Hire

Africa Uganda Shipping & Handling ServicesShipping & Handling Services


Our Sponsorship Policy


Apple Guavas available
Africa Uganda Plants GuideAfrica Plants Guide

Charity Investment Guide
Changing Lives

Africa Uganda SMS Guide
Africa Bulk SMS

Poultry Investment Guide
Poultry Business Guide

Related Pages



Uganda Hotels Directory

Uganda Hotels Booking Guide


Houses U can buy Uganda Real Estate Guide Industrial/Farmland Deals

Uganda Real Estates Guide


The Mountain Gorilla

Uganda Safari Guide

Uganda Weather Today





Book My Hotel

Please note that all fields followed by an asterisk must be filled in.
YES
NO
YES
NO

Please enter the word that you see below.

  



Uganda Currency

Ex-guide