Ugandan shilling holds steady amid balanced market activity

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The Ugandan shilling remained unchanged on Monday, opening and closing the day at the 3680/3690 levels on the back of continued balanced trading activity. 

Traders project that the local unit will continue to hold steady within the 3570-3620 range in the near term.

Money markets were liquid, with the overnight and one-week funding trades averaging at 9.65% and 10.04%, respectively, according to Absa market data. The Bank of Uganda has scheduled a treasury bill auction on July 30, 2025, with sh355b on offer. 

In the global markets, the U.S. dollar surged Monday, while the euro slipped back, after the U.S. and the European Union reached a trade agreement, ahead of this week’s Federal Reserve meeting.

In the crypto market, Bitcoin heads into the July close eyeing $120K as a U.S.–EU trade deal boosts markets.