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Uganda Shilling gains slightly against US dollar

Tuesday, 20th September, 2011

The Uganda shilling has appreciated against all the major traded currencies on the local foreign exchange market, holding onto last week’s spread.

The local unit, which touched its lowest trading level of sh2,900 against the dollar in July, trade at an average of 2775/2790 against the dollar yesterday.

Dealers said the market was stable with less activity. "Clients" laxity to buy and sell dollars has rendered us idle. We are just seated here reading newspapers.

"We hope for to be busy tomorrow as most clients come into the markets on Tuesdays," said a dealer at Spot Cash Forex Bureau.

Business yesterday opened with the shilling trading at 2775/2785, one shilling less than Saturday afternoon’s close.

By Macrines Nyapendi : The New Vision Newspaper

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