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The Ugandan shilling traded stable on Tuesday, helped by low dollar demand as most firms reserved their shilling holdings for mid-month tax payments. At 0942 GMT commercial banks quoted the shilling at 3,580/3,590, unchanged from Monday’s close.
The Kenyan shilling was stable against the dollar on Tuesday but was seen easing due to increasing oil importer demand amid dwindling foreign exchange inflows from charities and exporters, traders said.
The American dollar got a nice boost from FED’s head Yellen, who reiterated in the Semiannual testimony before the Congress that “waiting too long to remove accommodation would be unwise,” putting a March rate hike back on the table.