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Currency Update: Uganda Shilling Keeps Firm Stance Against US Dollar

The Uganda shilling kept a firm stance in a short trading week following Easter holidays, in a market characterized with low demand as most market players stayed out.

During the week ending 21st April 2017, trading was in the range of 3610/3620.

In fixed income market, Bank of Uganda (BoU) offered Shs160 billion for 3 year reopening and 5 year bonds. Yields dropped to 14.979% and 15.575% respectively.

In international currency markets, the US dollar posted modest gains as the British pound soared to its highest level in more than six months in volatile trading after the Prime Minister surprised markets by calling a snap election in June.

Commenting on the outlook for Shilling this week, Stephen Kaboyo, markets analyst and Managing Director at Alpha Capital Partners, said that it is “expected to trade in a relatively tight range in last trading week of the month. Markets anticipate improved fx supply on account of end month flows that are likely to back up the shilling.”

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