08252016Thu
Last update: Thu, 25 Aug 2016 06pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Egyptian pound stable at regular dollar sale and on black market CAIRO: Egypt's central bank held the pound steady against the dollar at its regular foreign currency sale on Tuesday as the currency remained stable on the black market.The bank sold $118 million at an unchanged rate of 8.78 per dollar.Egypt is facing an acute dollar shortage that sent its foreign reserves down to $15.5 billion in July, near a critical level that would cover only three months of imports.A widening gap between official and black market rates for the dollar has increased pressure to devalue the currency. Two black market traders cited a selling range of 12.50-12.65 pounds per dollar on Tuesday but gave no indication of trade volumes.Egypt has reached an agreement with the International Monetary Fund over a $12 billion three-year lending programme that it hopes will plug the nation's funding gap and restore market confidence, encouraging investment that could help to ease the currency crunch.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Nigeria's naira gains 0.8pc after central bank dollar sales LAGOS: Nigeria's naira closed firmer on the interbank market on Monday after the central bank sold dollars to some commercial lenders towards the end of a session that featured no trades in the first four hours, traders said. The naira closed at 305.50 to the dollar, 0.81 percent firmer than its Friday close. Traders said the central bank selectively sold dollars to commercial lenders just before the market close. "The central bank came to the ...

Markets - FXMM - Middle East & Africa

South Africa's rand falls on US rate hike prospects JOHANNESBURG: South Africa's rand weakened against the US dollar in early trade on Monday, hurt by subdued risk appetite as investors began to price in a greater likelihood that the Federal Reserve will raise interest rates this year.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand gains as U.S rate hike worries fade, stocks up on financials JOHANNESBURG: South Africa's rand edged firmer on Thursday along with fellow emerging currencies as risk assets regained favour after minutes from the United States central bank dampened bets of an interest rate hike this year.Stocks were lifted by financials with Standard Bank at the head after reporting better than expected results.By 1600 GMT the rand was 0.2 percent firmer at 13.3455 per dollar, compared with the close at 13.3700 overnight in New York.A lack of ...

Markets - FXMM - Middle East & Africa

South Africa's rand slips as investors bet on US rate rise JOHANNESBURG: South Africa's rand retreated further against the dollar on Wednesday as risk sentiment switched, with investors now seeing a greater chance of rate rises in the United States. Stocks were little changed despite sharp gains by Naspers after its Chinese investment Tencent Holdings reported higher profits. By 1549 GMT, the rand had weakened 0.63 percent to 13.4890 per dollar, its weakest level in two sessions, slipping further away from technical resistance around 13.3000. The ...

Markets - FXMM - Middle East & Africa

Egyptian pound stable at regular dollar sale, stronger on black market CAIRO: Egypt's central bank held the pound steady against the dollar at its regular foreign currency sale on Tuesday, as the currency strengthened slightly on the black market. The bank sold $118 million at the unchanged rate of 8.78 per dollar. Egypt is facing an acute dollar shortage which saw its foreign reserves fall to $15.5 billion in July, near a critical level that would cover only three months worth of imports. A widening gap ...

Markets - FXMM - Middle East & Africa

South Africa's rand retreats in volatile trade, stocks flat JOHANNESBURG: The rand retreated on Tuesday with a recent rally running out of steam as the currency failed to break a signficant technical resistance level and despite favourable risk conditions globally due to an anticipated delay to US interest rate hikes. Stocks were fractionally higher, with a share buy-back in South Africa-based investment company, Brait, offsetting the impact of a slump in gold mining group AngloGold Ashanti shares on news of a stake sale.By 1520 ...