April 23, 2014 / 10:12 AM / 3 years ago

Ugandan shilling slightly firmer on tighter liquidity, debt sale

KAMPALA, April 23 (Reuters) - The Ugandan shilling was a touch firmer on Wednesday, boosted by low appetite for the greenback and tightening local money market liquidity.

At 0832 GMT commercial banks in Kampala quoted the currency of east Africa’s third-largest economy at 2,505/2,515, slightly stronger than Tuesday’s close of 2,510/2,520.

Shahzad Kamaluddin, trader at Crane Bank, said the Bank of Uganda had mopped up excess shilling liquidity on Tuesday, boosting the local currency ahead of a Treasury bond auction later in the day.

“That’s constraining demand for the dollar,” Kamaluddin said.

For months the central bank has kept local currency liquidity on a tight leash via frequent liquidity mop ups. On Tuesday, the Bank of Uganda sucked out 228.5 billion shillings ($91.04 million) worth of excess liquidity.

The shilling is now up 0.6 percent against the dollar in the year to date, mostly supported by muted corporate demand for hard currency and central bank market interventions.

“Barring a strong rebound in importer demand momentum will remain toward an overly strong shilling in the short to medium term,” said a trader at a leading commercial bank.

“I believe the key resistance level will still be 2,500.”

UGX Spot Rate.....

Ugandan Shilling Money Guide....

Calculated Cross Rates..........

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Uganda Equities Guide.......

Uganda All Share Index........

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Ugandan Debt Guide............

All Uganda Bonds.............

Uganda T-Bills..............

Uganda Benchmark.............

Central Bank ................

Ugandan Contributor Index....

Uganda Coffee Prices....... ($1 = 2510.0000 Ugandan shillings) (Reporting by Elias Biryabarema; Editing by Drazen Jorgic and Catherine Evans)

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