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How shilling performed at last week's end

By Racheal Nabisubi

Added 27th February 2017 12:01 PM

Trading remained in the range of 3580/90, similar to the previous week.

How shilling performed at last week's end

Trading remained in the range of 3580/90, similar to the previous week.

By Friday afternoon, commercial banks quoted the local unit at 3,580/90, the same as Thursday's close of business.

The Ugandan shilling maintained a firm stance, with a bit of volatility mid-week due to a slight pickup in demand but thereafter, improved inflows helped to cushion the unit last week.

Trading remained in the range of 3580/90, similar to the previous week.

"In international currency markets the dollar recovered from previous week losses as the Federal Reserve minutes indicated that interest rate may hike sooner than later," said Stephen Kaboyo, a financial analyst.

He said that the Sterling strengthened to a two-week high against the dollar as the political developments both in the US and EU overshadowed Brexit concerns.

"In the coming week, the shilling is likely to remain range-bound, as end month flows provide support in a subdued market," projected Kaboyo.

In the Treasury bond market, the Central Bank reopened a three and five-year bonds worth sh160 billion.

Coupons on both were 17.000% and 16.625% while the weighted yields were 15.252% and 16.260% respectively. Both tenors were oversubscribed.

 

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