01192017Thu
Last update: Thu, 19 Jan 2017 01pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Egypt's pound strengthens at banks as demand from importers eases CAIRO: The Egyptian pound strengthened slightly at banks as demand for dollars by importers eased, bankers told Reuters on Sunday. The dollar was being bought for around 18 pounds at most banks, down from around 19 last week. Banks were paying clients around 17.8 per dollar. "The demand for dollar is less," said one banker."Banks have reached a point where they don't need to keep raising prices to attract dollar inflows because there aren't as many dollar requests by clients for the time being," he said, adding that once demand picks up prices will start rising again. Banks in Egypt had been raising the price to buy dollars from clients in order to attract inflows and cover requests from other clients seeking to buy dollars, but they say demand for dollars has eased over the past week. Business activity in Egypt shrank for the 15th consecutive month in December, although ...

Markets - FXMM - Middle East & Africa

Nigeria'a naira falls on black market, interbank rate stable LAGOS: Nigeria's currency fell on the parallel market against the US dollar on Friday while the overnight lending rate closed at 9.5 percent, traders said. The naira fell to 493 to the dollar on the black market compared with 490 per dollar previously. Traders cited a chronic dollar shortage as Nigeria struggles with dwindling oil revenues. At the official interbank window, the naira closed at 305 to the dollar, where the central bank has held ...

Markets - FXMM - Middle East & Africa

South Africa's rand hits 4-week high, stocks down JOHANNESBURG: South Africa's rand firmed against the dollar on Thursday, touching a four-week high as the greenback lost ground against a basket of currencies after unimpressive US labour data. As the rand strengthened, investors sold off shares in local companies that earn the bulk of their revenues in hard currency -- or rand hedge shares -- amid thin trading volumes, dragging the index lower. Higher platinum and gold prices also offered support to the rand, ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms as dollar retreats, stocks down JOHANNESBURG: South Africa's rand firmed on Wednesday as the US dollar fell against a basket of currencies, with investors cautious about increasing bets on the greenback before getting fresh clues on the US economy and the timing of interest rate rises.Stocks were hit by heavily weighted rand hedges coming under pressure from a strong currency. At 1500 GMT, the rand traded at 13.6250 per dollar, 1.46 percent firmer from its New York close on Tuesday. ...

Markets - FXMM - Middle East & Africa

WEEKAHEAD-AFRICA-FX -Kenyan shilling seen steady, Nigeria's naira could weaken NAIROBI: Kenya's shilling and Zambia's kwacha are seen holding steady against the dollar in the next week to Thursday, while Nigeria's naira will likely weaken, traders said. KENYA Kenya's shilling is seen holding steady in the week to Thursday due to slow activity before weakening due to a resurgence in dollar demand. At 0800 GMT, commercial banks quoted the shilling at 102.30/50 to the dollar, compared with last Thursday's close of 102.25/45. "We might not ...

Markets - FXMM - Middle East & Africa

South African rand climbs to 2-week peak, stocks up nearly 2 percent JOHANNESBURG: South Africa's rand strengthened on Wednesday to a two-week high, supported by firming demand for commodities in global markets. Stocks rose with paper manufacturer Sappi and mining firms leading broad-based gains among blue chips. The JSE's benchmark Top-40 index rose 1.9 percent to 43,682 points, while the broader All-share index gained 1.9 percent to 50,322 points. By 1500 GMT the rand gained 0.4 percent to 13.8575 per dollar, its firmest since Dec. 12. Despite ...

Markets - FXMM - Middle East & Africa

Iran rial hits fresh record low TEHRAN: Iran's currency plumbed new lows against the dollar on Sunday, continuing a six-month decline that has seen the rial lose some 17 percent of its value despite the lifting of sanctions.The rial was trading at 41,300 to the dollar, down from 34,600 in June -- widening the gap with the official government rate which remains fixed at 32,300. The decline has quickened since the US election of Donald Trump, who has threatened to tear ...