The Ugandan shilling was firmer on Thursday as appetite for hard currency waned on the interbank market, traders said.

Centenary Bank quoted the shilling trading at 3710/3850 buying and selling respectively on Friday, stronger than at the start of the week.  

A Centenary Bank report indicated that the dollar held onto recent gains against the euro and sterling on Friday ahead of Federal Reserve Chair Jerome Powell’s widely- anticipated speech, which traders hope will offer clues on the U.S. central bank’s tightening plans.

The euro was barely changed in Asian trade at $0.9971, having failed in several attempts this week to break back above parity against the dollar. It fell below that psychologically important level on Monday.

Sterling was down 0.14% at $1.1821, not far from its more than two-year low of 1.1718 hit early in the week

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

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