Shilling hit by surge in hard currency demand

The Uganda shilling traded weaker on Monday, undercut by elevated appetite for hard currency from importers in sectors like manufacturing, energy and telecoms, a report by Centenary Bank indicated.

Centenary Bank quoted the shilling trading at 3765/3905 buying and selling respectively on Tuesday.

The dollar held firm on Tuesday on safe haven flows, while the euro languished around a two-decade low as Europe confronts energy supply and broader economic growth concerns.

The euro touched its lowest since late 2002 of $0.9926 overnight and was last barely higher at $0.9941.

The pound was also dragged to a new 2.5-year low overnight and hobbled near that level at $1.17715 in Asia trade.

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

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