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By Stephen Kaboyo
The Uganda shilling held steady against the dollar amid muted demand and it further consolidated its position following the Central Bank neutral monetary policy stance.
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Trading was in the range of 3685/3695. In the Interbank money market, overnight funds quoted at 7% while one week quoted at an average of 10%.
In the fixed income market, a Treasury bill auction with 220 billion on offer was held. Yields to maturity registered at 8.687%,10.473% and 11.630% for 91,182 and 364 day. The out turn on 182 and 364 indicated undersubscription with bid to cover ratio of 0.626 and 0.961.
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In the regional currency markets the Kenya shilling was stable , supported by flows mainly from portfolio investors trading at 103.10/30. The forecast, however indicated that currency was likely to ease due to excess liquidity in the money market.
The Tanzania’s shilling was equally stable cushioned by flows from tourism and agriculture sectors. Trading was in the range of 2,293/2,303.
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In the International markets, the greenback recovered from its earlier losses but a gauge of world equity performance edged lower as concerns about global growth offset investor optimism over a surge in US retail sales.
In the commodities, oil prices fell more than a percentage point, pressured by mounting recession concerns and a surprise boost in US inventories. International benchmark Brent crude settled at 58.23 a barrel.
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Forecast for the shilling indicate a relatively stable unit with no major movement expected on either side of the market as most players remain square.
The writer works with Alpha Capital Forex Bureau: For competitive Forex Rates VISIT Plot 12 KAMPALA ROAD-CHAM TOWERS SUITE 43: call: ,
