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Uganda shilling seen steady

By Vision Reporter

Added 1st November 2010 03:00 AM

KAMPALA-The Ugandan shilling traded in a narrow range versus the dollar in slow trade yesterday and traders said it will probably hold steady this week.

KAMPALA-The Ugandan shilling traded in a narrow range versus the dollar in slow trade yesterday and traders said it will probably hold steady this week.

KAMPALA-The Ugandan shilling traded in a narrow range versus the dollar in slow trade yesterday and traders said it will probably hold steady this week.

At 09:20 GMT, leading commercial banks in Kampala traded the shilling at 2,282/2,287 barely changed from 2,283/2,287, at Friday’s close.

“The market is a bit quiet with nothing much happening. We have seen some (dollar) demand from the energy sector, but it hasn’t impacted on the rates yet,” said Faisal Bukenya at Barclays Bank.

“We haven’t seen that much of dollar flows from non-governmental agencies probably because it’s the beginning of the week. “We may see the shilling holding steady if demand is subdued,” said Bukenya. He expected the shilling to trade in the 2,275-2,290 range over the course of this week with technical support level at 2,290.

Stanbic Bank said in a market report that it expects the shilling to hold steady in Monday’s trade, with a bias towards weakening, weighed down by dollar demand from the manufacturing and energy sectors.

Reuters


Uganda shilling seen steady

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