KAMPALA (Reuters) - The Ugandan shilling held steady against the dollar on Tuesday and was expected to trade in a narrow range ahead of a government securities auction scheduled for Wednesday.
At 1025 GMT, commercial banks quoted the currency of east Africa's third-largest economy at 2,560/2,570 per dollar, unchanged from Monday's close.
"There has been some level of anticipation for appetite (for dollars) in the interbank market but it hasn't really materialised," said Brenda Akumu, a trader at KCB Uganda.
"And demand from importers is also absent so I think the shilling will keep in a stable range."
The shilling has risen 4.9 percent against the dollar this year mainly due to a fairly tight monetary stance by the central bank, which left rates unchanged this month.
The local currency has also been helped by hard currency inflows from investors abroad into the local debt market as they chase higher yields.
Ahmed Kalule, a trader at Bank of Africa, said the shilling would trade in a range of 2,550-2,600 per dollar ahead of the government securities auction.
Source: http://news.yahoo.com/ugandan-shilling-steady-vs-dollar-seen-staying-tight-123419710.html
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