Shilling touches lows of 3,900 per dollar on Monday

The Uganda shilling opened Monday’s session trading at lows of 3900/3910 with some pockets of demand seen during the morning session.

However, the unit later settled to close the day marginally stronger at the 3885/3895 levels as month-end inflows, interbank and offshore inflows filtered into the market, traders said.

Fairly liquid money markets were seen during Monday’s session according to Absa with overnight yields at averages of 11.52%.

This week (March 27) the Bank of Uganda is set to conduct a treasury bill auction amounting to sh235b.

The offered amounts are: sh15b on the 91-day bill, sh40b on the 182-day bill, and sh180b on the 364-day bill.

In the same week, the Uganda Bureau of Statistics is scheduled to release the March 2024 inflation data on March 28 2024. The result will inform key monetary policy decisions due to the weakening stance of the local currency against the dollar.