Uganda shilling firms versus dollar, seen in a range
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February 9, 2010, 9:40 am

KAMPALA (Reuters) - The Ugandan shilling firmed against the dollar on Tuesday in light trading as demand for the U.S. currency from interbank and corporate clients remained sluggish, traders said. At 0800 GMT, the local currency was trading at 1,977/1,982 per dollar slightly up from Monday's close of 1,984/1,989. "There is not much trading as demand dips. We will see stability of the shilling at these levels," said Faisal Bukenya, head of market making at Barclays Bank Uganda. Traders see the local currency trading within the 1,975-1,985 range over the coming days. "We favour stability with a possibility of a marginal depreciation on the back of dwindling dollar inflows," said another trader with a commercial bank. The local unit crossed the 1,980 resistance level on Friday undermined by heightened demand and low dollar flows.

 

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