Shilling stays on the backfoot against dollar

The Uganda shilling remained under pressure on Wednesday against the dollar as continued pockets of activity on the supply and demand side pushed the unit to touch lows of 3790/3800 in the morning.

According to Absa traders “some month-end flows helped it to close at 3785/3795 levels which were the day’s opening levels.”

Money markets were liquid on Wednesday with ease in overnight yields that traded at averages of 11.20%.

The Bank of Uganda held a sh215b treasury bill auction on March 29, 2023, and yields in the 91-day, 182-day and 364-day tenors cleared at averages of 10.384%, 10.512% and 13.000% respectively.