By midday, the shilling was trading in the range of 128.75 to 129.75 against the Dollar, slightly firmer than Thursday’s close of 129.00/129.50. According to one Currency Trader, the market is showing signs of stability, with little movement expected in the near term.

“We’re likely to see the shilling stay within this band over the next week. Right now, supply and demand are evenly matched,” the trader said.

In Uganda, the shilling was equally steady, with little activity reported in the market. Commercial banks quoted the currency at 3.656/3.666 to the Dollar, unchanged from the previous day.

Currency markets across East Africa have shown relative calm in recent sessions, with traders pointing to seasonal factors and low import demand as contributing to the subdued Dollar appetite.

--Reuters/ChannelAfrica--