The Ugandan shilling strengthened slightly on Wednesday due to reduced demand for foreign currency as firms prepared for tax payments. The exchange rate was recorded at 3,662/3,672 compared to 3,665/3,675 the previous day.
On Wednesday, the Ugandan shilling (USDUGX) showed slight strength relative to the U.S. dollar, bolstered by diminished demand for foreign currency. This uptick is attributed to local businesses gearing up for tax payments expected later this month, according to market traders. As of 0654 GMT, commercial banks reported the shilling’s exchange rate at 3,662/3,672 against the dollar, a modest improvement from Tuesday’s closing rate of 3,665/3,675.
In summary, the Ugandan shilling experienced a slight appreciation against the U.S. dollar due to reduced foreign currency demand as local companies prepare for upcoming tax obligations. The exchange rate reflects a marginal strengthening from the previous day’s figures, indicating a momentary positive shift in Uganda’s currency value.
Original Source: www.tradingview.com
