Uganda shilling flat versus dollar, seen in range

KAMPALA (Reuters) - Uganda's shilling was unchanged against the dollar on Monday and traders predicted it would trade in a tight range for the rest of this year.

At 0710 GMT, commercial banks quoted the unit at 1,897/1,902 against the greenback, the same rate at which it closed on Thursday.

Markets were closed on Friday to mark the Christmas holiday. Traders said the unit would trade in the 1,890-1910 range in the days ahead.

"The market is likely to remain flat until the end of the year," said Denis Mushabe Mashanyu, a trader with Standard Chartered bank Uganda.

"Most traders don't have positions on their books so we are likely to see the shilling holding firm at the current levels.

The shilling held steady against the dollar last week in thin pre-holiday trade because most corporate customers had met their end-year obligations, traders said.