Shilling trades flat against the dollar on muted demand

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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.

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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.

Alpha Capital Forex Bureau: For competitive Forex Rates VISIT Plot 12 KAMPALA ROAD-CHAM TOWERS SUITE 43: call: 0414-580619

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