The Uganda shilling briefly gained a few shillings to touch 3873/3883 on Tuesday morning having opened at 3880/3890 levels.

The shilling was helped by month-end inflows and interbank sellers and it later settled to close the session at the 3875/3885 levels, players said.

The money markets were fairly liquid on Tuesday with overnight yields at averages of 11.64% according to Absa. Bank of Uganda is scheduled to hold a 3-year and 20-year treasury bond auction on March 20, 2024.

In global currency markets, the dollar extended its gains on stronger-than-expected US Feb housing statistics and building permits reports, undercutting the Euro by about 0.07%.