Rwanda Franc remains stable

The Rwandan Franc is tipped to be relatively stable this week despite losing 1.02 percentage points against dollar over the past week, according to central bank officials. Jane Uwase, a forex dealer at Platinum Forex Bureau, attributed the performance of the local unit to more dollar inflows during the African Development Bank meeting. “We were trading the US dollar at 690/697 on Monday and most of the week, but business was still low over the week,” she said. Uwase said the unit will most probably continue holding ground this week. The franc was stable against all the regional currencies, trading 0.26/0.27 for the Uganda shilling, while the Kenyan unit was quoted at an average of 7.5/8.5 over the week and the Burundi franc was at 0.35/0.45. The local unit maintained its ground against the South African rand trading at 55/65 over the past week. Commercial banks and forex dealers quoted the pound sterling at averages of 1,100/1,200 on Monday compared to Saturday close of 1,090/1,200, with the euro at 930/955 over weekend compared to 938/955 last Wednesday.