Uganda shilling a notch stronger Wednesday

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The Uganda shilling closed a notch stronger at the 3525/3535 levels from the opening of 3530/3540, underpinned by dollar inflows from commodities exporters and portfolio investors targeting the treasury bonds auction conducted today.

The local unit is projected to continue trading within the 3525 and 3575 range in the near term.

The money markets were liquid according to Absa data, with the interbank overnight and one-week funding trades averaging at 8.98% and 10.19%, respectively.

The Bank of Uganda has accepted sh1.354 trillion in total face value in the treasury bond auction concluded on Wednesday, where the yields cleared at 17.950%, 17.150% and 16.00% for the 20-year, 15-year and 3-year bonds, respectively.

Investors tendered sh2.07 trillion, 2.09 times the amount that was offered for sale.