💱 Ugandan shilling weakened due to high demand from importers
📉 Shilling quoted at 3,690/3,700 by commercial banks at 0905 GMT
📈 Compared to Tuesday’s close of 3,678/3,688 the shilling lost ground
💰 Ugandan shilling weakened due to increased demand for hard currency
💼 JSW Group expects approval for JSW Cement’s IPO by January 2025
📈 Securities and Exchange Board of India previously put JSW Cement’s IPO on hold in September
🏗️ JSW Group is active in various sectors from steel to energy
Ugandan Shilling Weakens Against Foreign Currencies
💱 The Ugandan shilling has weakened recently due to high demand from importers and increased demand for hard currency.
📉 Commercial banks quoted the shilling at 3,690/3,700, showing a loss in value when compared to the previous day’s close at 3,678/3,688.
📈 The exchange rate of the shilling is negatively impacted by a surge in importer demand, causing the currency to lose ground against other foreign currencies.
JSW Group’s Plans for JSW Cement
💼 Despite facing regulatory hurdles, JSW Group expects approval for JSW Cement’s IPO by January 2025.
📈 The Securities and Exchange Board of India had previously put the JSW Cement IPO on hold in September, reflecting the challenges faced by the group in this venture.
🏗️ JSW Group’s diverse business interests range from steel to energy, showcasing its presence and activity across multiple sectors.