Shilling marginally weakens on rise in dollar demand

The shilling weakened marginally to close Thursday’s session at the 3815/3825 levels with some activity on the demand side from corporates and interbank players, a report by Absa bank indicates.

“Money Markets were liquid on Thursday with overnight yields at averages of 9.72%. Bank of Uganda will hold a UGX 285 billion Treasury Bill auction on Wednesday 14th   September 2022,” Catherine Kijjagulwe, Head of Trading at Absa Bank Uganda said.

Centenary Bank pointed out in a report that thedollar hovered near a two-decade high hit in the previous session on Thursday as investors looked for fresh insight on the global monetary tightening path from a European Central Bank rate decision and comments from the head of the Federal Reserve.

Sterling weakened 0.25% to $1.1506, heading back toward the previous day’s 37-year low of $1.1407.

The euro slipped 0.19% to $0.99885, after hitting a 20-year low of $0.9864 earlier in the week.

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