Ugandan Shilling Strengthens Amid Surge in Foreign Exchange Inflows
The Ugandan shilling exhibited notable strength on Friday, buoyed by a significant influx of foreign exchange from both charities and commodity exporters, according to local traders.
At 0917 GMT, commercial banks reported the shilling trading at 3,655/3,665 against the US dollar, reflecting a slight improvement from Thursday’s closing rate of 3,660/3,670. This rise in value underscores a positive trend in the foreign exchange market, driven primarily by the vital contributions of non-governmental organizations and agricultural exporters who are actively injecting foreign currency into the economy.
This robust performance of the shilling may have wider implications for Uganda’s economic stability, particularly in the face of ongoing global market fluctuations. As the situation evolves, investors and economic analysts will be keenly observing how these inflows shape the broader financial landscape in the country.
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