KAMPALA: The Ugandan shilling posted strong gains on Thursday, helped by inflows from offshore investors participating in a Treasury bond auction and subdued demand for the greenback.
At 0848 GMT commercial banks quoted the shilling at 3,365/3,375, stronger than Tuesday's close of 3,410/3,420. Markets were closed on Wednesday, which was a national holiday in Uganda.
"The flows from offshore investors, I think, helped a lot in (strengthening) the shilling," said David Bagambe, trader at Diamond Trust Bank. Another trader from a leading commercial bank said demand for the greenback from importers was subdued.
Bank of Uganda (BoU) held a debt auction on Thursday. A total of 190 billion shillings ($56.38 million) worth of 3-, and 5-year bonds were up for sale.
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