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By Stephen Kaboyo

The Uganda shilling was relatively stable leaning towards a mild appreciation as demand for dollars fizzled out. The currency was also supported by Bank of Uganda open market operations that kept the shilling liquidity in check.

Trading was in the range of 3600/3610.

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In the international currency markets, the US dollar was in a bearish territory following President elect  news briefing on future economic policies did not provide sufficient clarity and kept markets guessing.

In the UK the pound hit a three month low against the major currencies as alarm bells started sounding again with the possibility of Scotland breakaway re-emerging.

The outlook indicate a stable shilling, holding at the current levels, in a flat market, as corporate settle mid months tax obligations.

 

The writer works with Alpha Capital Markets

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