Shilling steady with demand and supply of hard currency balanced  

It was a very quiet trading session on Tuesday with the unit opening and closing at the 3805/3815 trading levels with balanced supply and demand activity throughout the session, Catherine Kijjagulwe, the Absa Bank Uganda Head of Trading said.

“Money Markets were liquid on Tuesday with overnight yields at averages of 9.81%. Bank of Uganda will hold a UGX 285 billion Treasury Bill auction on Wednesday 14th September 2022,” she pointed out.

Earlier on, Centernary Bank pointed out that te Ugandan shilling was slightly firmed on Monday, with lackluster demand for hard currency from merchandise importers.

The dollar nursed losses on Tuesday ahead of U.S. inflation data that could show some signs of softening, while the euro found itsfooting above parity on hawkish comments from policymakersthat rates would need to increase further.

The euro rose 0.08% to $1.0130, after hitting a nearly one-month high of $1.0198 in the previous session and gaining 0.76%overnight. Sterling edged up 0.07% to $1.1691, after rising 0.86% overnight, the largest daily increase in a month.

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