Bloomberg News

Uganda Shilling Gains Most in 2 Weeks on Dollars From Exporters

July 14, 2011

July 14 (Bloomberg) -- Uganda’s shilling headed for the biggest rally in two weeks against the dollar as exporters brought the U.S. currency into the East African nation, according to the local unit of Standard Bank Group Ltd.

The currency of Africa’s second-biggest coffee producer appreciated for a third day, gaining 0.6 percent to 2,575 per dollar by 1:22 p.m. in Kampala, the capital. That would be the largest gain on a closing-price basis since July 1, according to data compiled by Bloomberg.

“There has been a bit of subdued customer demand for the dollar and we have seen small inflows from exports,” Benon Okwenje, a currency trader at Stanbic Bank Uganda Ltd., said by phone from Kampala.

--Editors: Emily Bowers, Ana Monteiro.

To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus