Bloomberg News

Uganda Shilling, World’s Worst in Month, Weakens Against Dollar

July 27, 2011

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

-0- Jul/27/2011 12:06 GMT

-0- Jul/27/2011 12:23 GMT

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


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