The local currency continued to lose ground as both offshore and local interbank demand exceeded month-end inflows, traders said.

The Uganda shilling closed Tuesday’s trading at 3855/3865, weaker than the day’s opening of 3845/3855 per dollar.

Liquidity in the money markets continues to be tight according to Absa with overnight yields averaging at 10.35%.

The Bank of Uganda will conduct a treasury bill auction this Wednesday worth sh285b and decent participation is expected from market players.