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Uganda Shilling set to strengthen

Wednesday June 1, 2011

The Ugandan shilling strengthened slightly against the dollar on Tuesday, a day before a bond auction that may bring foreign investors back into the country’s debt market after weeks of protests.

Commercial banks quoted the local currency at 2,390/2,395 to the dollar from Monday’s close of 2,393/2,398.

The East African coffee producer’s currency has been flat against the dollar through several weeks of political unrestover rising inflation that now seem to be fizzling out.

Central bank has intervened to keep the shilling from falling to the psychologically important 2,400 level per dollar during the trouble.

“The T-bill auction tomorrow could also be a factor and that would mean the shilling staying at about current levels today,” Lucas Ochieng, treasurer at Orient Bank Uganda, said.

Foreign investors are expected to invest in Treasury bills today.

The New Vision Newspaper

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