Inflows from charities, portfolio investors to boost the Shilling

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By Stephen Kaboyo

The Uganda shilling remained stable most of the week on evenly matched demand and supply conditions in the market.

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Trading was in the range of 3690/3700. In the Interbank money market, overnight funds were priced at 6%, while one week quoted at 9%.

In the fixed income market, there was no primary auction. Scanty trading was reported in the secondary market.

For the coming week , BOU announced a treasury bill auction with 220 billion on offer.

In the regional currency markets, the Kenya shilling was firm due to flows from foreign investors buying stocks and government bonds against subdued demand. Trading was in the range of 102.95/103.45

In the global markets, the greenback and riskier trade exposed currencies found support as fresh hopes for a breakthrough in US- Sino trade talks were tempered with caution, while in the UK, the sterling touched a six month high as expectations that Britain ruling conservative party mighty win a majority in December election, fueled optimism that Brexit will finally end.

Forecast for the shilling in the coming days indicate that unit could strengthen buoyed by substantial inflows mainly from charities and portfolio investors

Alpha Capital Forex Bureau: For competitive Forex Rates VISIT Plot 12 KAMPALA ROAD-CHAM TOWERS SUITE 43: call: 0414-580619, 0392-612648

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