Ugandan shilling weakens as election jitters weigh on sentiment

The Ugandan shilling weakened on Wednesday, as traders sought to cover their dollar positions ahead of an election that has spurred political uncertainty.

At 1155 GMT, commercial banks quoted the shilling at 3,430/3,440, weaker than Monday’s close of 3,410/3,420.

Markets were closed on Tuesday for a national holiday.

“There are jitters in the market about what might happen after the election so some banks were covering short positions,” said David Bagambe, trader at Diamond Trust Bank Uganda.

Ugandans are due to go to the polls on Thursday to pick their next president.

Incumbent Yoweri Museveni, in power for 30 years, is widely expected to trounce his rivals.


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