The Uganda shilling remained under pressure against the dollar on Tuesday after touching an all-time low a day earlier, and traders said strong demand for the greenback could weaken the local currency further.
At 0950 GMT, commercial banks in Kampala quoted the shilling at 2,337/47 against the greenback, little changed from Monday's close. Earlier, the shilling had slipped to a bid price of 2,340, just shy of the all-time low of 2,341 hit on Monday.
Traders said they expected central bank intervention to soak up the surging demand and slow the shilling's slide.
"There's huge demand mainly from the communications and energy sectors while inflows are tight. This is maintaining a lot of pressure on the local unit and we don't foresee any strengthening unless supply firms up," said Faisal Bukenya, head of market-making at Barclays Bank Uganda.
In a market report, Standard Chartered Bank Uganda said the market was hungry for the greenback as corporate demand continued to drain the few dollars coming in.
"We are now entering the levels of the last central bank intervention, and expect 2,350 to be a key psychological level in the short term, for both the interbank and Bank of Uganda," Standard Chartered said.
Stanbic Bank Uganda also said it expected the shilling to remain under pressure.
"We might see relative stability between 2,330/45 with a possibility of the shilling weakening marginally to 2,337/47 today," the bank said in a market report.
O shilling de Uganda permanece sob pressão contra o dólar nesta terça-feira depois de tocar em um ponto de mais um dia de baixa, e os comerciantes disseram que a demanda forte para o dólar poderia enfraquecer ainda mais a moeda local.
Traders said they expected central bank intervention to soak up the surging demand and slow the shilling's slide.
"There's huge demand mainly from the communications and energy sectors while inflows are tight. This is maintaining a lot of pressure on the local unit and we don't foresee any strengthening unless supply firms up," said Faisal Bukenya, head of market-making at Barclays Bank Uganda.
In a market report, Standard Chartered Bank Uganda said the market was hungry for the greenback as corporate demand continued to drain the few dollars coming in.
"We are now entering the levels of the last central bank intervention, and expect 2,350 to be a key psychological level in the short term, for both the interbank and Bank of Uganda," Standard Chartered said.
Stanbic Bank Uganda also said it expected the shilling to remain under pressure.
"We might see relative stability between 2,330/45 with a possibility of the shilling weakening marginally to 2,337/47 today," the bank said in a market report.
O shilling de Uganda permanece sob pressão contra o dólar nesta terça-feira depois de tocar em um ponto de mais um dia de baixa, e os comerciantes disseram que a demanda forte para o dólar poderia enfraquecer ainda mais a moeda local.
Traders disseram que a intervenção do Banco Central para absorver a crescente demanda é lenta para o estabilizar o shilling.
"Há enorme demanda, principalmente, da comunicação e sectores da energia, enquanto as entradas estão bem apertadas. Essa é a manutenção de uma grande pressão sobre a unidade local e não prevemos qualquer reforço a menos que as empresas de abastecimento", disse Faisal Bukenya, diretor de market-making em Uganda Barclays Bank.
Em um relatório de mercado, Standard Chartered Bank Uganda disse que o mercado estava com fome do dólar, como a demanda das empresas continuou a drenar os poucos dólares que vem de dentro. "Estamos entrando agora nos níveis de intervenção do Banco Central, a última, e esperar 2.350,00 para ser uma chave de nível psicológico a curto prazo, tanto para interbancário e Banco do Uganda", disse o Standard Chartered.
Stanbic Bank Uganda também disse que espera que o shilling continue permanecendo sob pressão. "Podemos ver uma relativa estabilidade entre 2.330,00 / 45, com a possibilidade do enfraquecimento shilling marginalmente para 2,337,00 / 47 hoje", disse o Banco em um relatório.
Nenhum comentário:
Postar um comentário