KAMPALA Fri Jan 2, 2015 4:45am EST
KAMPALA Jan 2 (Reuters) - The Ugandan shilling was weaker on Friday, undermined by strong appetite for dollars from commercial banks and excess local currency liquidity after the central bank cancelled this week's Treasury bills auction.
Treasury auctions help prop up the shilling by attracting hard currency inflows from offshore investors and excess liquidity from the local interbank market.
At 0840 GMT commercial banks quoted the shilling at 2,775/2,785, weaker than Wednesday's close of 2,770/2,780.
Ahmed Kalule, trader at Bank of Africa said most banks that are foreign-owned were seeking dollars to pay their 2014 dividends to their parent companies.
"Liquidity is also very high in the market as this week's auction was cancelled."
The central bank or Bank of Uganda (BoU) said it had scrapped this week's auction which was due on Wednesday after investors sought unacceptably high returns.
A total of 180 billion shillings ($64.89 million) worth of Treasury bonds of five and two-year tenors were up for sale.
The local currency weakened 9 percent against the greenback in 2014, with much of the depreciation occurring in the second half of the year on the back of strong importer demand.
Traders say in the medium-term the shilling is likely to trade in a stable range, partly supported by the central bank's decision to maintain its key lending rate last month.
UGX Spot Rate..... Ugandan Shilling Money Guide.... Calculated Cross Rates.......... Deposits..................... Deposits & Forwards............. Uganda Equities Guide....... Uganda All Share Index........ Shilling background ..... Ugandan Debt Guide............ All Uganda Bonds............. Uganda T-Bills.............. Uganda Benchmark............. Central Bank ................ Ugandan Contributor Index.... Uganda Coffee Prices....... ($1 = 2,774.0000 Ugandan shillings) (Reporting by Elias Biryabarema; Editing by James Macharia)
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