06302016Thu
Last update: Thu, 30 Jun 2016 08am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Ugandan shilling weakens due to higher dollar demand KAMPALA: The Ugandan shilling weakened on Wednesday as commercial banks bought dollars to cover their positions ahead of a potential British vote to exit the European Union.At 0837 GMT, commercial banks quoted the shilling at 3,365/3,375, slightly down from Tuesday's close of 3,360/3,370. Britons vote in a referendum on the country's membership in the EU on Thursday.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand steady, caution prevails ahead of British referendum JOHANNESBURG: South Africa's rand pulled back from seven week highs against the dollar on Wednesday, with traders and analysts expecting caution to prevail on the eve of a British referendum on whether to remain in the European Union. Domestic economic headlines have taken a backseat in moving the currency this week, although inflation data due out at 0800 GMT could boost it slightly if higher than expected, raising the prospect of higher interest rates this ...

Markets - FXMM - Middle East & Africa

Nigeria's naira extends losses after currency peg removed LAGOS: Nigeria's naira weakened against the dollar for a second day on Tuesday after the central bank removed its currency peg in an effort to alleviate chronic foreign currency shortages choking growth.The naira traded 1.1 percent weaker at 285 to the dollar at 1000 GMT, with $9 million traded. It had slumped 30 percent on Monday.The central bank caved into pressure to effectively devalue the naira in the wake of falling prices for oil, the ...

Markets - FXMM - Middle East & Africa

Fading Brexit fear fuels rand rise, keeps risk appetite intact JOHANNESBURG: South Africa's rand extended three days of gains against the dollar on Tuesday, as cautious optimism that Britons would vote to stay in the European Union kept global risk appetite intact. By 0701 GMT the rand was trading at 14.8200 versus the greenback, up slightly from its New York close of 14.8470.The currency had hit 14.7600, adding to Monday's strong gains, as investors bet that a June 23 referendum would not result in Britain ...

Markets - FXMM - Middle East & Africa

South Africa's rand, stocks firmer as easing Brexit risk buoys EM JOHANNESBURG: South Africa's rand strengthened as much as 2.5 percent against the dollar on Monday, buoyed along with other emerging market currencies by lessening fears of Britain voting to leave the European Union. Stocks were also up on the day, with the benchmark Top-40 index gaining 1.6 percent, while the all-share index added 1.4 percent. The rand rallied to a session high of 14.8155/dollar, its strongest in more than a week according to Thomson Reuters ...

Markets - FXMM - Middle East & Africa

Nigerian naira eases to new low in 1-month forward contracts LAGOS: Nigeria's naira eased against the dollar in non-deliverable forward markets on Monday, with one-month contracts hitting a fresh low after Africa's biggest economy floated its currency, ThomsonReuters data showed. One-month non-deliverable forwards showed the naira weakening to 317 per dollar, while the two-month contract traded at 322 per dollar - matching a record it hit on Friday.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Nigeria's naira plunges in free float LAGOS: The naira plunged against the US dollar on Monday after Nigeria's government scrapped its fixed exchange rate and allowed market forces to determine the currency's value."Trading started at 9:00 am (0800 GMT) this morning. All the 24 commercial banks are participating. The offer is 249 to 265 naira to the dollar," one forex trader told AFP.At 1000 GMT, the naira was quoted at 262.50 against the dollar but the trader, who asked to remain ...