Shilling experiences slight pressure on Monday

________________

The Uganda shilling traded under modest pressure on Monday on the back of pockets of demand from corporates benefiting from the currency pair dips, the local unit closed at 3555/3565 against the dollar, a slight decline from the opening of 3553/3563 levels.

Traders said the shilling is projected to trade within the 3525-3600 range in the near term. 

Money markets were liquid today, with the interbank overnight and one-week funding trades that averaged at 10.00% and 10.29%, respectively, according to Absa.

Bank of Uganda (BOU) has not scheduled any securities auction this week; however, the market anticipates maturities of sh445.6b in repos and BOU Bills as well as sh10.9b in treasury bills.