The Ugandan shilling strengthened on Thursday, buoyed by slowing appetite for hard currency from importers and some healthy inflows from exporters of tea, cocoa, coffee and other commodities, a report by Centenary Bank indicates.

Sterling fell against the euro on Thursday a day ahead of gross domestic product (GDP) figures which are expected to show further signs of a weakening British economy.

The euro has also been weighed down by Europe’s woes with the war in Ukraine, the hunt for non-Russian energy sources, and a hit to the German economy from scant rainfall.

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

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