Tuesday, March 23, 2010

Market Intelligence - Currencies

During the week of 15 - 19 March, most African currencies fluctuated within a 1.2% range against the US dollar. Of the four currencies outside this range, the South African Rand and Gambian Dalasi appreciated against the US dollar by 1.7% and 1.6% while the Ugandan Shilling and Sierra Leone's Leone depreciated by 2.8% each. The currency values in Mauritius and Liberia remained unchanged over the week.

Currency Focus

Uganda: In the interbank market of the week, the Shilling weakened to the lowest level since June 2009 against the US dollar. This depreciation was attributed to a general rise in demand for the US dollar from the energy and telecom sectors.

For this week's market intelligence updates, please click here.