Uganda shilling recoups it losses amid muted demand

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The Uganda shilling (Ugx.) recouped some of it losses amid muted demand and improved inflows. The unit traded in the range of 3595/3605.

In the government securities, the treasury bills auction was oversubscribed with yields edging up across all tenors. Bank of Uganda (BOU) mopped up the targeted amount of 165 billion out of 228 billion tendered.

In international currency markets, the dollar hit a one week high against other major currencies following the European Central Bank announcement that there will be no tapering of the stimulus to zero.

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In Britain, the pound was wobbly following the weak industrial output data.

According to Stephen Kaboyo: In the coming weeks, it is anticipated that the shilling will remain stable with a mild appreciation bias as markets slow down, demand subsides, against expected improved December inflows ahead of the Christmas  holidays.  Markets will also be keenly watching  the outcome of the BOU policy meeting.

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