The Ugandan shilling strengthened marginally due to lower foreign currency demand from firms preparing for mid-month tax payments, with an exchange rate of 3,662/3,672 against the U.S. dollar.
On Wednesday, the Ugandan shilling (USDUGX) showed a slight appreciation, buoyed by diminished demand for foreign currency. Local companies were preparing for tax payments due mid-month, which typically enhances the shilling’s value. As of 0654 GMT, commercial banks reported the exchange rate at 3,662/3,672 against the U.S. dollar, reflecting a minor increase compared to Tuesday’s closing rate of 3,665/3,675.
The Ugandan shilling experienced slight strengthening due to decreased foreign currency demand amidst upcoming tax payments. The exchange rate indicated a modest improvement, suggesting that tax periods may positively impact the local currency’s stability against the dollar.
Original Source: www.tradingview.com
