(Kampala) – Uganda’s shilling faced increased pressure during Tuesday’s trading session as the U.S. held its presidential election. Driven by interbank and corporate demand, the shilling briefly touched lows of 3670/3680 before stabilizing.
Traders reported that remittance flows in the afternoon helped ease the strain on the currency, closing the shilling at a slightly stronger position of 3665/3675. This election in the U.S. has sparked global attention due to the potential impact of American political decisions, policies, and economic strategies on various international markets, including Uganda’s currency and even the crypto market.
In Uganda’s money markets, liquidity remained sufficient throughout the session, with overnight yields averaging 11.37%, according to a currency market report by Absa. Adding to market activity, the Bank of Uganda is set to conduct a treasury bill auction on Wednesday, November 6, 2024, potentially offering further stability to the local currency.
| Uganda Shilling Trading Data (Tuesday) | Exchange Rates |
|---|---|
| Lowest Rate | 3670/3680 |
| Closing Rate | 3665/3675 |
| Average Overnight Yields | 11.37% |
With the U.S. elections known for causing shifts in global markets, Ugandan traders are observing how the results may affect the dollar, commodities, and international currency flows in the days ahead.
