On Thursday, the Uganda shilling maintained stability against the US dollar, trading within the range of 3725/3735 throughout the session. The stability came as a result of balanced activity between dollar buyers and sellers.
During the trading session, dollar demand and supply were matched, resulting in no significant fluctuations in the exchange rate. According to a currency trader, this balance in market activity contributed to the stability observed.
In the money markets, overnight yields averaged 9.39%, reflecting liquidity in the financial sector. To manage this liquidity, the Bank of Uganda conducted a 7-day Repo to absorb excess funds from the market. Additionally, the Bank of Uganda is set to hold a treasury bill auction on August 14, 2024.
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