July 27 (Bloomberg) -- Uganda’s shilling, the world’s worst-performing currency over the past month against the dollar, erased yesterday’s gains.
The currency of Africa’s second-biggest coffee producer weakened 0.2 percent to 2,600 shillings per dollar at 2.36 p.m. local time in capital, Kampala, according to data compiled by Bloomberg. It closed at 2,595 shillings a dollar yesterday.
“This week we have really been trading in a narrow range,” Denis Mushabe, a currency trader at Standard Chartered Bank Plc’s Ugandan unit, said by phone from Kampala.
The shilling has depreciated 11 percent against the dollar this year, the world’s third-worst performer after Suriname’s dollar and Maldives’ rufiyaa, as a surge in food and fuel prices pushed inflation to a 17-year high. The currency has weakened 4 percent over the past month, the most worldwide.
--Editors: Ana Monteiro, Linda Shen
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