The Ugandan shilling gained on Friday against the dollar after the country’s constitutional court struck down an anti-homosexuality law that punishes gay sex with long jail sentences, traders said.
At 1245 GMT commercial banks quoted the shilling at 2,610/2,620, stronger than 2,618/2,628 before the ruling.
“Some of us who had long dollar positions are now moving to trim them seriously back after this news and of course we’ve also seen some of the donors coming back… we might see the shilling strengthen to 2,500 levels,” Ahmed Kalule, trader at Bank of Africa.
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