Shilling firms as hard currency flows in

The shilling maintained trading within the 3775/3785 levels throughout the day on Tuesday with balanced activity on the supply and demand side, a report by Catherine Kijjagulwe, the head of trading at Absa Bank Uganda indicated.

“Inflows continue from NGOs and commodity exporters balanced by demand from the usual corporate sectors,” she said.

Money Markets were liquid on Tuesday with overnight yields at averages of 9.44.%. Bank of Uganda will hold a Treasury Bill auction on Wednesday 9th November 2022.

Earlier on, the Ugandan shilling firmed slightly on Monday as appetite for hard currency was subdued among importers and interbank players, traders said.

Sterling rose on Monday, largely boosted by a softer dollar, which pushed the pound back up to levels seen before the Bank of England (BoE) delivered its biggest interest rate hike in three decades last week.

The dollar steadied during Asia trade on Tuesday after some of the momentum ebbed out of bets on China’s reopening, and as traders looked ahead to U.S. midterm elections.

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