Shilling strengthens on Tuesday

The Ugandan shilling slightly firmed on Tuesday amid slight demand for dollars from commercial banks and importers, a report by Centenary Bank pointed out.

Commercial banks quoted the shilling at 3,870/3,880 per dollar, stronger than 3,876.13/86.13 buying and selling respectively in the first trading session on Monday.

 “The dollar lurked just below recent highs on Tuesday as traders waited for U.S. inflation data due later in the week, which could take pressure off the Federal Reserve and put it on the greenback if it suggests the pace of price rises has peaked,” a Centenary Bank report said.

The Pound Sterling held at $1.2081 and the euro was stuck just above parity at $1.0189, with the continent’s energy crisis meaning it may miss out on a boost if the dollar weakened.

Market Outlook: The shilling is forecast to remain stable against the dollar.

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