The Uganda shilling pared back some of the losses recorded earlier in the week, supported by subdued dollar demand and a renewed influx of foreign currency supply on the interbank market, according to Thursday Market Report by Absa Bank Uganda.
The local unit found footing as corporate dollar demand remained relatively light. The USD/UGX pair opened the session at 3710/3720 and strengthened to close at 3690/3700.
In the money markets, liquidity conditions remained ample, with overnight and one-week rates averaging 9.75% and 10.00% respectively. The Central Bank was in the market with its weekly open market operations.
