Shilling strengthens slightly in Monday’s session
The Ugandan shilling saw a slight appreciation against the US dollar, driven by optimism regarding Middle East de-escalation. Despite this, corporate demand for dollars later in the session tempered the gains.
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Currency fluctuations in emerging markets are highly sensitive to global geopolitical stability and local liquidity management.
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Shilling strengthens slightly in Monday’s session
The local currency opened the week at 3740 / 3750 and appreciated to an intraday high of 3725 / 3735.
The Uganda shilling strengthened against the US dollar in Monday's trading session, supported by optimism surrounding the de-escalation of political tensions in the Middle East.
The local currency opened the week at 3740 / 3750 and appreciated to an intraday high of 3725 / 3735. However, traders said renewed corporate demand for dollars later in the session pared some of the gains, with the shilling closing at 3735 / 3745.
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