Wednesday, March 31, 2010

Market Intelligence - Currencies

During the week of 22 – 26 March, most African currencies depreciated by up to 2.8% against the US dollar, mirroring movements in the Euro which hit a 10-month low against the USD after Fitch Ratings downgraded Portugal's sovereign credit rating. Only 11 currencies appreciated vis-à-vis the US dollar, including Uganda’s Shilling (1.7%) and the Gambian Dalasi (0.8%). The currency value in Rwanda remained unchanged over the week.

Currency Focus

Uganda: The Shilling strengthened against the US dollar, rebounding off the lowest level since June 2009 as demand for the US dollar from local companies was subdued. The Ugandan Shilling had been on a steady downward trend since the middle of December 2009.

For this week's Market Intelligence Update, please click here.