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Shilling Holds Steady as Dollar Demand Stays Flat

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The Ugandan shilling remained stable in a favorable range, ending Tuesday at 3552/3562, slightly higher than the initial rate of 3555/3565.

Merchants noted that the pattern was supported by low demand for the US Dollar throughout various industries due to sales activity from resource-exporting countries and certain financial institutions.

Market analysts continue to expect the local unit to remain confined within a tight range between 3525 and 3585 in the short term.

According to an Absa report, money markets remained active, with interbank overnight and one-week financing deals averaging 9.49% and 10.50%, respectively. The Bank of Uganda has planned a treasury bill auction offering sh355 billion in nominal value on Wednesday.

Offered by SyndiGate Media Inc. (
Syndigate.info
).

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