Uganda, May 3 -- The foreign exchange market for this week has indicated that the Uganda shilling appreciated against the US dollar this week supported by remittances inflows and earnings from commodities.

The Bank of Uganda reported that on Friday (May 3) morning, the shilling opened at a buying rate of Shs 3,790.63 and a selling rate of Shs 3,800.63 per US dollar. By midday, the shilling had gained further strength, trading at Shs 3,784.79 buying and Shs 3,794.79 selling.

Ms Catherine Kijjaggulwe, Head of Trading at Absa Bank Uganda, confirmed the one-sided appreciation of the shilling.

"The trend was one-sided during the short week with the shilling strengthening as we transitioned from the month of April into May 2024, unit opened ...