The Ugandan shilling edged up on Wednesday helped by expectations of hard currency inflows from offshore investors into local Treasury debt.
Early today commercial banks quoted the shilling at 3,465/3,475, slightly up from Tuesday’s close of 3,470/3,480.
“The market anticipates some flows into today’s auction,” said Faisal Bukenya, head of market making at Barclays Bank.
Traders say importers are delaying new shipments orders until after a general election on February 18, further offering support to the shilling through lower demand for dollars.
The Central Bank was scheduled to release results of a Treasury Bill auction, where a total of 175 billion shillings ($50.40 million) worth of debt of all tenors was on offer, later today.
