02132016Sat
Last update: Sat, 13 Feb 2016 11am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Kenyan shilling steady, seen firming NAIROBI: Kenya's shilling was steady on Friday and traders said they saw it gaining ground, helped by muted dollar demand and foreign currency inflows from sectors like agriculture and tourism.At 0929 GMT, commercial banks quoted the shilling at 101.75/85, unchanged from Thursday's close."Going forward it's going to gain. (Dollar) demand is not there. So a little supply is pushing it lower (stronger). Tea sales, non governmental organisation funds is constant money which is going to come in," said a senior trader at one commercial bank. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand slides as President's speech disappoints JOHANNESBURG: South Africa's rand weakened on Friday after President Jacob Zuma's state-of-the-nation address that analysts and economists said did not deal with concerns raised by rating agencies. By 0645 GMT the rand had slipped 0.7 percent to 15.9100 per dollar, pushed lower by the president's failure to address investor worries over fiscal policy as well weak mining and manufacturing data. Bonds also weakened, with the benchmark paper due in 2026 adding 7 basis points to ...

Markets - FXMM - Middle East & Africa

South Africa's rand firmer as dollar weakens, stocks track global markets lower JOHANNESBURG: South Africa's rand firmed against the dollar on Thursday, buoyed by a weaker greenback that was hurt by worries over the global economic outlook.The weaker dollar, which reached lows last seen in October against a basket of currencies on the back of cautious comments from U.S. Federal Reserve chair Janet Yellen, helped drive the rand to its firmest level in six weeksLocally, the market was nervous ahead of President Jacob Zuma's state of the ...

Markets - FXMM - Middle East & Africa

South Africa's rand softer as nervous market awaits Zuma speech JOHANNESBURG: South Africa's rand gave back some of the previous day's gains on Thursday as investors fretted about whether President Jacob Zuma would hit the right notes in a speech on the state of the economy.Zuma is scheduled to deliver his statement to parliament at around 1700 GMT, against the backdrop of waning economic growth and uncertainty over fiscal policy after he fired the finance minister in December. At 0709 GMT, the rand traded at ...

Markets - FXMM - Middle East & Africa

Kenya's shilling steady, seen rangebound NAIROBI: Kenya's shilling was flat on Thursday and was expected to remain rangebound during the session on thin trading volume.By 0743 GMT, commercial banks quoted the shilling at 101.75/85 to the dollar, unchanged from Wednesday's close."It's very quiet. The market is very slow," said one Nairobi-based trader, adding that the shilling was likely to stay in a tight range between 101.60 and 101.90.The shilling has been stable this year after losing 11 percent against the ...

Markets - FXMM - Middle East & Africa

Ugandan shilling stable, dollar demand low KAMPALA: The Ugandan shilling was flat on Thursday due to low dollar demand from both corporate clients and commercial banks.At 0953 GMT commercial banks quoted the shilling at 3,455/3,465, unchanged from Wednesday's close."It's all flat in the market, there's no activity on the demand side," said Faisal Bukenya, head of market making at Barclays Bank Uganda.Bukenya said the scant appetite for the greenback was probably linked to a slowdown in business activity caused by the ...

Markets - FXMM - Middle East & Africa

Egyptian pound weakens on black market, steady at official auction CAIRO: The Egyptian pound slipped further on the black market on Thursday, piling more pressure on the central bank to devalue the currency even as the official rate against the dollar remained unchanged at an auction. Egypt, which relies heavily on imports for its food and energy needs, is facing a foreign currency crisis with the pound trading at substantially weaker rates on the black market than the rate set by the central bank. The ...