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Wednesday,August 15,2018 04:52 AM

Shilling stronger against dollar

By Samuel Sanya

Added 8th April 2017 05:00 AM

Alpha Capital Partners Stephen Kaboyo noted that the Uganda shilling was steady against the dollar primarily on account of tight liquidity conditions that took away the appetite for dollars.

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Alpha Capital Partners Stephen Kaboyo noted that the Uganda shilling was steady against the dollar primarily on account of tight liquidity conditions that took away the appetite for dollars.

The shilling was trading at 3,608.17/3,618.17 buying and selling respectively according to Bank of Uganda data on Friday in the first trading session, and was firmer against the dollar than last weeks close of 3610/3620.

Alpha Capital Partners Stephen Kaboyo noted that the Uganda shilling was steady against the dollar primarily on account of tight liquidity conditions that took away the appetite for dollars. “The improved foreign exchange inflows from exporters of commodities also lent some support,” he said.

In the fixed income market, there was no primary auction during the week.

In international currency markets, the dollar lost traction against major currencies weighed down by caution over impending US- China summit and geo political concerns.

The pound sterling was up after favorable survey data showed growth in dominant UK service sector had picked up to a 3 month high in March.

Outlook for the shilling indicated that unit will remain in its recent range trading due subdued demand in a short trading week due to Easter holidays coupled with mid-month corporate tax payments.

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