The Uganda shilling traded flat against the dollar on muted demand as markets shifted focus towards mid-month taxes that were expected to absorb substantial amount of liquidity.
The shilling held in the range of 3706/16
In the fixed income market, Uganda government paper, yields remained largely flat as lack of fresh triggers kept investors off big bets in a broadly cautious environment.
The outcome gave an opportunity to the fiscal authorities to take more than was offered. Yields printed at 10.002%, 12.000%, 12.001% and 12.600% respectively.
In the global markets, the US a dollar was on the front foot against its peers after strong US economic data and ECB rate hike that gave a boost to the greenback.
Going forward the market play is of moderate bias on the strong side with demand expected to remain subdued.
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