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Ugandan shilling edges down as dollar demand rises
July 1, 2014 / 12:31 PM / 3 years ago

Ugandan shilling edges down as dollar demand rises

KAMPALA, July 1 (Reuters) - The Ugandan shilling weakened on Tuesday after demand for dollars on the interbank market rose, with traders saying some foreign-owned lenders may be preparing to pay their shareholders abroad a dividend.

At 0951 GMT, commercial banks quoted the shilling at 2,605/2,615, slightly down from Monday’s close of 2,595/2,605.

“There has been demand in the interbank but most of it was coming in from offshore banking players,” said Ali Abbas, trader at Crane Bank.

“Some of the foreign-owned banks could also be buying dollars because they are preparing to pay their half-year dividends,” Abbas said.

The shilling is down 3.2 percent against the greenback in the year to date. A market report from Bank of Africa said market “outlook still favours” the greenback although it said the local currency was finding support at 2,625.

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............

All Uganda Bonds.............

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

Central Bank ................

Ugandan Contributor Index....

Uganda Coffee Prices....... (Reporting by Elias Biryabarema; Editing by Hugh Lawson)

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