Shilling trades steadily on Thursday
The shilling is expected to continue oscillating within the 3,470–3,500 band in the near term.
Money markets remained liquid, with overnight and one-week interbank rates averaging 9.59% and 10.13%, respectively, according to Absa market data. (File photo)
By Ali Twaha
Journalists @New Vision
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The Uganda shilling traded steadily within the 3,485/3,495 range as corporate demand and supply remained broadly balanced throughout the session.
The shilling is expected to continue oscillating within the 3,470–3,500 band in the near term.
Money markets remained liquid, with overnight and one-week interbank rates averaging 9.59% and 10.13%, respectively, according to Absa market data. The Bank of Uganda conducted a 7-day repo operation, mopping up sh620b from the interbank system.
In the global markets, the U.S. dollar drifted higher Thursday as traders weighed up fresh trade threats between Washington and Beijing, ahead of the release of key inflation.
Trump’s administration is considering a plan to restrict a broad array of software-powered exports to China, including laptops, jet engines, and other high-tech products, in response to Beijing’s latest rare earth export restrictions, Reuters reported.