Uganda shilling gains most in a week

Uganda's shilling appreciated the most in more than a week against the dollar as inflows of the US currency from sales of exports and from aid increased. The currency of Africa's second-biggest coffee producer gained for a second day, adding 0.6 per cent, the biggest intraday jump since July 4, to 2,587.50 per dollar in Kampala. "The dollar inflows have been good today, coming from the non-governmental organisation sector and a bit from the export sector," Faisal Bukenya, a currency trader at the local unit of Barclays Bank Plc, said by phone from Kampala, without providing further details. "There is little demand for the dollar because buyers think the shilling may appreciate." The central bank has sold dollars in the domestic foreign-exchange market at least four times since June 15 as the currency slumped to its weakest level since 1993 on June 30, making it the third-worst performer worldwide falling behind Suriname's dollar and Maldives' rufiyaa. Inflation in the East African country accelerated to a 17-year high of 16 per cent in May, before slowing to 15.8 per cent last month. From / Gulf News