Uganda shilling weakens slightly vs dollar

 @ibtimes on November 20 2009 7:00 AM

Uganda's shilling UGX= fell slightly versus the dollar on Friday due to some demand for greenbacks from the telecommunications and oil sectors, traders said.

At 0800 GMT, leading commercial banks posted the local unit at 1,865/75 against the greenback, down marginally from the previous day's close of 1,864/69.

This morning, we've see it continue to depreciate against the dollar ... from some bit of demand from the telecoms and oil sectors, a foreign exchange trader said.

Another trader said some interbank trade had caused the shilling fall slightly.

Beginning in the middle of 2008, the unit fell to historic lows after an outflow of foreign portfolio investments from the fixed-income and capital markets on the global financial crisis.

That fall continued into 2009 on strong dollar demand from offshore investors and corporates. But since June, the east African country's currency has gained strength.

The local unit was expected to trade in the 1,865/75 range for the rest of Friday in a quiet market.

Long-term expectations are for a stronger shilling, one traders said.

UGX Spot Rate....................UGX=

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