The Uganda shilling was largely unchanged against the dollar in today’s session, holding at 3,645/3,655, according to the Monday’s Absa Bank Market Report.
Trading was characterized by subdued dollar demand, with most corporate players remaining on the sidelines as market activity continues to recover in the early days of the new fiscal year. Inflows from the commodity sector and remittance companies provided adequate support, helping to keep market conditions balanced and the currency stable.
Money market conditions remained liquid, supported by fiscal year-end and quarterly government releases. Overnight and one-week rates averaged 9.75% and 9.95%, respectively. Despite the ample liquidity in the market, the Bank of Uganda remained on the sidelines, with no liquidity management operations conducted during the session
