The Ugandan shilling has marginally strengthened against the U.S. dollar due to weak demand for foreign currency, as local firms prepare for tax payments this month. The current rate is 3,662/3,672, compared to the previous day’s 3,665/3,675.
On Wednesday, the Ugandan shilling (USDUGX) exhibited a slight increase, primarily driven by a decrease in demand for foreign currencies. Local businesses are preparing for tax payments due this month, which has resulted in a marginal strengthening of the currency. As of 0654 GMT, commercial banks valued the shilling at 3,662/3,672 against the U.S. dollar, a modest improvement from the previous day’s closing rate of 3,665/3,675.
In summary, the Ugandan shilling has shown a minor appreciation due to reduced foreign currency demand related to tax preparations. The current exchange rates reflect this slight strengthening, portraying a stable financial environment as businesses fulfill their tax obligations.
Original Source: www.tradingview.com
