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.