In international currency markets, the dollar picked up as low oil prices continued to drop
The Uganda Shilling was stable on Monday, trading at 3,584.67/3,594.67 buying and selling respectively at noon slightly better than 3,584.71/3,594.71 in the first trading session.
Stephen Kaboyo, the CEO of Alpha Capital Partners says that the shilling is stable on the back of some dollar inflows mainly from commodities against lackluster demand from market players.
“Some pockets of demand were expected late in the week, but not significant to change the trend. Trading was in the range of 3585/95,” he says.
In fixed income market, there was no auction due to cancellation of all auctions till the end of the financial year.
In international currency markets, the dollar picked up as low oil prices continued to drop. The British Sterling lost ground as Bank of England underplayed a rate hike in the UK.
In the commodities markets, oil prices plummeted to $45.91 on uncertainty regarding the deal to cut global output.
“Outlook of the shilling indicate a stable unit with a bias towards a mild appreciation as the supply side improves on end month conversions,” Koboyo says.