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Uganda Shilling holding stronger position

Tuesday, 5th July, 2011

The Ugandan shilling weakened slightly against the dollar on Tuesday but traders said low demand for the greenback should keep it above the record lows reached last week.

At 0925 GMT, commercial banks in the capital Kampala quoted the currency at 2,528/2,538 to the dollar, slightly weaker than Monday's close of 2,510/2,530.

"Trade is very minimal," Lucas Ochieng, treasurer at Orient Bank Uganda, said. "There's no real dollar demand to put pressure on the shilling and it's correcting."

Traders saw the shilling trading in a 2,500/2,530 range later in the day.

The shilling slipped to a low of 2,710 against the dollar last week on strong dollar demand from the oil sector, speculative trading and panic buying. Strong central bank intervention then drove the currency higher.

Reuters

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