Shilling strengthens as November starts

Inflows remained healthy throughout the first trading day of the new month leading to further shilling strength to touch highs of 3775/3785 during the day’s session, but later closed the day at the 3785/3795 levels, a report by Catherine Kijjagulwe, Head of trading at Absa Bank Uganda said.

“Money Markets were fairly liquid on Tuesday with overnight yields at averages of 11.00%. Bank of Uganda will hold a 2-year and 10-year Treasury Bond auction on Wednesday 2nd November 2022,” she said.

Hitherto, a report by Centenary Bank indicated that the Ugandan shilling firmed slightly against the dollar on Monday, buoyed by end-month inflows of hard currency from charities and commodity exporters.

The U.S. dollar eased from a one-week top against a basket of major peers on Tuesday, as traders weighed the odds of a less aggressive Federal Reserve at Wednesday’s widely watched monetary policy meeting. The euro added 0.2% to $0.98995. Sterling jumped 0.28% to $1.1499 with the Bank of England likely to deliver a 75-basis point hike on Thursday.

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