The Uganda shilling traded relatively flat on the last trading day of June. The currency opened at 3,703/3,713, briefly strengthened to 3,700/3,710, and eventually settled at 3,705/3,715. According to traders at Absa Bank, there was balanced supply and demand throughout the session.
On Friday, the money markets faced tight liquidity conditions as clients worked to close off their tax commitments. This was a notable factor influencing the day’s trading dynamics. Despite these conditions, overnight yields averaged 10.18% ahead of the Bank of Uganda’s treasury bill auction scheduled for July 3, 2024.
Reflecting on a week-on-week basis, the Uganda shilling appreciated against the dollar by approximately 1.24%. It closed at 3,705/3,715 compared to the previous Friday’s close of 3,748/3,758. This appreciation signifies a steady performance of the shilling amid balanced market conditions.
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