Ugandas Shilling Faces More Record Lows
Ugandas shilling is expected to hit further record lows against the dollar due to strong demand from importers. Meanwhile, Ghanas cedi faces continued pressure while currencies in Nigeria, Kenya and Zambia remain relatively steady.
Uganda's currency is set to test further record lows against the United States dollar through Thursday amid heavy corporate demand. Commercial banks quoted the shilling at 4,090 to 4,100 per dollar, down from 3,960 a week prior.
The currency has dropped more than 11% against the dollar so far this year, driven by foreign-currency purchases from merchandise importers, energy firms, and telecoms. Local businesses are aggressively stockpiling dollars ahead of the fourth-quarter holiday peak.
