Shilling strengthens on dollar inflows

Healthy inflows from commodity exporters, interbank and NGOs led to a marginal strengthening of the shilling to close Wednesday’s session at the 3710/3720 levels from the day’s opening of 3725/3735, a report by Catherine Kijjagulwe, Head of Trading at Absa Bank Uganda indicates.

“Liquidity prevailed in the money markets with overnight yields at averages of 10.44%. The Bank of Uganda mopped the excess liquidity through an overnight Repo,” she said.

The Central Bank also held a Treasury Bill auction and yields in the 91-day, 182-day and 364-day tenors cleared at averages of 10.384%, 10.503% and 12.105% respectively.

A report by Centenary Bank indicates that the Pound Sterling edged down slightly to $1.2616, retreating from Wednesday’s one-year high of $1.2679.

The Bank of England releases its policy decision later Thursday and is poised for a 12th straight rate hike.

The euro inched 0.04% lower to $1.09775, staying close to the middle of its trading range over the past month.

The Kenyan shilling was broadly steady against the dollar on Wednesday as the interbank market helped smooth out an underlying shortage of foreign currency, traders said.

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