Shilling weakens as dollar demand shoots up

The shilling weakened briefly during Wednesday’s session to touch levels of 3690/3700, having opened trading at 3680/3690. This was driven by some demand pockets but flows in the afternoon led it to close the day at 3685/3695, Catherine Kijjagulwe, Head of Trading at Absa Bank Uganda said in a report.

Liquid markets on Wednesday with overnight yields at averages of 9.92%. Bank of Uganda mopped UGX 223 billion in an overnight Repo. Bank of Uganda held a UGX 255 billion Treasury Bill auction on Wednesday 5th July 2023, and yields in the 91-day, 182-day and 364-day tenors cleared at averages of 10.198%, 11.001% and 12.002% respectively.

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