Shilling posts marginal gains on Tuesday

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The Uganda shilling posted additional gains Tuesday against the dollar, closing at the 3530/3540 levels from the opening of 3538/3548 supported by portfolio inflows targeting the treasury bonds auction as well as dollar inflows from commodity exports.

Market analysts project the local unit to hold steady within the region between 3525 and 3575 in the near term.

The money markets were liquid according to Absa market report, with the interbank overnight rates and one-week funding trades averaging at 9.13% and 9.92%, respectively.

In the debt market, the Central Bank has scheduled a treasury bond auction for Wednesday (September 3).