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Uganda Shilling Gains against the Dollar

The Bank of Uganda BoU rate for today, Thursday shows the shilling is trading against the dollar at 3,596 on the buy side and 3,606 on the sell side. The shilling has for much of this month been trading against the dollar at an average of 3620/3630 on account of weak inflows from Ugandan diaspora, among other reasons.
The Ugandan shilling has strengthened against major currencies after weeks of weakening.

The Bank of Uganda (BoU) rate for today, Thursday shows the shilling is trading against the dollar at 3,596 on the buy side and 3,606 on the sell side.

A number of forex bureaus in downtown Kampala are quoting the shilling at 3,605/3,615.

This is a remarkable recovery from last week as well as during the festive season and at the beginning of the year.

The shilling has for much of this month been trading against the dollar at an average of 3620/3630 on account of weak inflows from Ugandan diaspora, among other reasons.

Stephen Kaboyo, an analyst with Alpha Capital Partners which watches the movement of the shilling, says the outlook is that the shilling will in the short to medium term continue to remain weak against the dollar.

Kaboyo attributes this to increasing demand for dollars from importers and businesses.

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