Tuesday, July 26, 2011

Uganda Shilling May Fall Close to 18-Year Low on Importers’ Dollar Demand

Uganda's shilling, the world's second-worst peforming currency over the past month, may weaken as much as 1.1 percent this week as importers take advantage of recent gains to buy goods, Bank of Africa Uganda Ltd. said.

The currency of Africa's second-biggest coffee producer fell 0.2 percent to 2,605 shillings per dollar at 4:51 p.m. in the capital, Kampala, according to data compiled by Bloomberg. It closed at 2,600 shillings against the dollar on July 22.

"We are net importers who will need dollars," said Ahmed Kalule, a trader at Bank of Africa in Kampala, in an interview today. "I expect depreciation this week to a trading level of 2,595 to 2,630 shillings."

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