Shilling strengthens as appetite for hard currency dulls

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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