Currency Update: Uganda Shilling Ends Week on High Note

Olga Nassaali
1 Min Read

Throughout the trading week, the Uganda shilling exhibited a robust performance, closing at highs of 3775/3785. This positive trajectory was maintained as the shilling opened Friday’s session at levels of 3787/3797. The consistent theme throughout the week was the prevalence of dollar inflows, which outpaced the demand for the dollar during trading sessions.

In a week-on-week analysis, the shilling demonstrated a notable strengthening of 0.63% against the US Dollar, compared to the previous week’s closing price of 3,809/3,819. This upward trend reflects the resilience and stability of the Ugandan currency in the face of market dynamics and external factors.




Overnight yields remained steady, trading at average rates of 12.03%. Absa traders noted that money markets experienced tight liquidity conditions on Friday, indicating potential challenges in accessing liquidity for market participants.




Looking ahead, the Bank of Uganda has scheduled a Treasury Bill auction for May 8, 2024. This auction provides an opportunity for investors to participate in the government securities market, influencing liquidity conditions and interest rates in the financial sector.




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Born and raised in the heart of Uganda, Olga developed a deep appreciation for the power of storytelling from a young age. Her curiosity about the world and its myriad complexities led her to pursue a degree in Journalism and Mass Communication, graduating with honors from Makerere University. This was just the beginning of her journey into the world of news publishing.
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