Shilling to trade in a relatively tight range

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The Uganda shilling kept a firm stance in a short trading week following Easter holidays, in a market characterized with low demand as most market players stayed out.

Trading was in the range of 3610/3620.

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In fixed income market, Bank of Uganda offered 160 billion for three-year reopening and five year bonds. Yields dropped to 14.979% and 15.575% respectively.

In international currency markets the US dollar posted modest gains as the British pound soared to its highest level in more than six months in volatile trading after the Prime Minister surprised markets by calling a snap election in June.

Outlook indicate that the shilling is expected to trade in a relatively tight range in last trading week of the month. Markets anticipate improved fx supply on account of end month flows that are likely to back up the shilling.

The writer works with Alpha Capital Forex Bureau: For competitive Forex Rates call: 0414-580619, 0757 450832, 0392-612648

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