Shilling watch: Outlook indicate a stable unit

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By Stephen Kaboyo
It was range bound trading for the local currency. At the opening bell, UGX was stable, but ceded some ground mid-week as pockets of demand emerged mainly from corporate players. Trading was in the range of 3780/3790.

Towards the end of the trading week, Bank of Uganda conducted open market operations through a deposit auction and a repo of significant amounts as part of their liquidity management program. This action also supported the currency and kept volatility in the money markets in check.

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The fixed income segment had a Treasury bill auction with 225 billion on offer. There was huge up take with total bids in excess of 439 billion. Yield remained relatively steady to print at 9.575% , 11.938% and 12.999% for 91, 182 and 364 day tenors.


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