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Ugandan shilling slips as manufacturers seek dollars
July 21, 2014 / 11:27 AM / 3 years ago

Ugandan shilling slips as manufacturers seek dollars

KAMPALA, July 21 (Reuters) - The Ugandan shilling sagged on Monday, weighed down by demand for dollars from manufacturing firms and commercial banks, but could find some support from this week’s Treasuy auction.

At 0931 GMT, commercial banks quoted the shilling at 2,628/2,638, weaker than Friday’s close of 2,613/2,623.

“The market is a bit heavy on demand mainly from manufacturing and also from players in the interbank,” said Faisal Bukenya, head of market making at Barclays Bank.

“I think the manufacturing corporates are looking for dollars to pay for raw materials,” he said.

The currency is down nearly 4 percent against the dollar in the year to date. Some traders say its short-term outlook is firm, helped by higher rates on government securities.

At last week’s Treasury auction, rates on the two-year bonds edged up, raising expectations of more foreign demand.

Ahmed Kalule, trader at Bank of Africa, said the shilling’s losses were likely to be curbed by inflows for this week’s auction when 140 billion shillings ($53.23 million) worth of Treasury bills of all maturities are up for sale.

“We think there could be a significant portion of offshore uptake,” he said.

UGX Spot Rate.....

Ugandan Shilling Money Guide....

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Uganda Equities Guide.......

Uganda All Share Index........

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Ugandan Debt Guide............

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Uganda Benchmark.............

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Ugandan Contributor Index....

Uganda Coffee Prices.......

$1 = 2630.0000 Ugandan shillings Editing by Edmund Blair and Alison Williams

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