Despite some support from remittance inflows and commodity exporters, the Uganda shilling weakened against the dollar on Monday, according to Absa daily market report.
According to the report demand from the energy and manufacturing sectors continued to exert pressure on the market. The shilling closed at 3715/3725, softer than last week’s close of 3705/3715.
Money markets remained liquid, with overnight rates averaging 9.06%. The Bank of Uganda remained on the sidelines, opting not to conduct any market operations.
