Shilling projected to strengthen

The Ugandan shilling fell slightly on Friday weighed down by an increase in foreign currency demand mostly from companies in the energy and manufacturing sectors, a report by Centenary Bank indicated.

Centenary Bank quoted the shilling at 3710/3850 buying and selling respectively on Monday.

Meanwhile, The U.S dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation.

The euro fell 0.36% to $0.9929. Sterling fell to a 2-1/2-year low of $1.1656 and was last down 0.5% to $1.16715

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

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