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Currency Update: Uganda Shilling Loses Ground Against Dollar

The Uganda shilling surrendered some ground, trading weaker due to uptick in demand from energy, telecom and import sectors during the week ending 31st March 2017. Trading was in the range of 3610/3620.

In the fixed income market, Shs160billion was on offer.

Yields dropped on the 91 and 182 paper to 10.660% and 11.823%, while the yield on 364 day paper increased marginally to trade at 13.866%.

All tenors were oversubscribed.

In international currency markets, the US dollar recovered from its previous losses on the back of renewed expectation for more interest rate hikes in the coming months.

The Sterling, meanwhile dipped as investors kept a closer look at the formalities of Brexit.

“ The shilling forecast indicate that the unit could weaken marginally on account of seasonal dollar demand for corporate dividends more especially as we get into the last quarter of the fiscal year,” Stephen Kaboyo, a market analyst and Managing Director at Alpha Capital Partners, says.

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