ad. Buy/Import/Export Premium Grade Uganda Vanilla Beans
Uganda Shilling holding stronger position
Tuesday, 5th July, 2011
The Ugandan shilling weakened slightly against the dollar on Tuesday but traders said low demand for the greenback should keep it above the record lows reached last week.
At 0925 GMT, commercial banks in the capital Kampala quoted the currency at 2,528/2,538 to the dollar, slightly weaker than Monday's close of 2,510/2,530.
"Trade is very minimal," Lucas Ochieng, treasurer at Orient Bank Uganda, said. "There's no real dollar demand to put pressure on the shilling and it's correcting."
Traders saw the shilling trading in a 2,500/2,530 range later in the day.
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. Strong central bank intervention then drove the currency higher.
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
feel free to ask our business travel consultants.