KAMPALA Aug 16 (Reuters) - The Ugandan shilling was barely moved against the dollar on Tuesday, with interbank demand for dollars seen sluggish, and traders said it was likely to trade in a narrow range over the next few days. At 0940 GMT commercial banks quoted the shilling at 2,795/2,810, from Monday's close of 2,790/2,810. "We've seen some minimal demand coming through in interbank but no major bids of the kind to move the market, and we are likely to keep range-bound in the days ahead," said Faisal Bukenya, head of market making at Barclays Uganda. The shilling came under considerable pressure last week, forcing the central bank to sell dollars on Friday after a surge in dollar demand sent the shilling tumbling to a record low of 2,827.9. A trader with a leading commercial bank said the local currency would remain on a downward trend against the greenback in the medium term, undermined by weak exports receipts. "Central bank interventions can only slow down the rate of depreciation but ultimately the losing streak that has characterised the shilling for months will continue," said the trader.

Source