News Column

Shilling Remains Stronger Vs U.S. Dollar

June 15, 2014

Julius Businge

The Uganda Shilling closed the week at 2570/80 having traded sideways all week in the 2560 -2585 string, in a market characterised with near matched counters.

James Mutuku, the Standard Chartered Bank head of financial markets said on Friday evening that forex demand from local corporates which would otherwise have accelerated the Shilling's weakness got swatted by sizeable investor flows into government debt.

"Going into next week, we expect the US Dollar / Uganda Shilling pair to remain fairly within the range with 2600 being top and bias towards 2550 on strength.

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Source: AllAfrica

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