Shilling gains ground, Bond auction oversubscribed

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The Uganda shilling gained ground on the back of offshore flows targeting the bond market amidst sluggish appetite for the green bucks. The unit traded inside the range of 3305/3315.

In the bond market, the auction was oversubscribed. Yields came off to 15.453% and 16.934 on the two year and five year bonds.

In the international currency markets, the US dollar continued to face downward pressure, slipping against the EUR and GBP on account of a string of negative economic news that lowered investor interest in the “Buck”

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Stephen Kaboyo, the Alpha Capital Market Boss, says the forecast indicate the shilling is likely to extend it’s stability well into next week. The unit is expected to hold steady as the month end flows are expected to render some support.

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