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The Ugandan shilling lost ground yesterday, dropping as much as 0.7 per cent as commercial banks bought dollars in anticipation of post-holiday demand from importers. Commercial banks quoted the shilling at 2,810/2,820, weaker than Monday’s close of 2,795/2,805.
“Banks are taking up huge positions... they expect a jump in demand from corporate (companies) as they come back from holidays,” said Faisal Bukenya, head of market making at Barclays Bank.
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