Continued demand during Friday’s trading session led to further weakening of the Uganda shilling, with the unit closing the day at lows of 3538/3548 from opening levels of 3525/3535.

Globally, the dollar appreciated sharply against most global currencies as Russia invaded Ukraine. 

Investors view the dollar as a safe haven amid the crisis, traders said.

Money markets were fairly liquid, according to Absa during Friday’s session with overnight yields at averages of 6.125%.

–  New Vision