12082016Thu
Last update: Thu, 08 Dec 2016 05am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Nigerian naira falls to 375.5 versus dollar on official market LAGOS: Nigeria's naira weakened to a record low of 375.50 to the dollar on Tuesday on the official interbank market, according to Thomson Reuters data. The currency had briefly touched a rate of 365 on Aug. 18 but then quickly reversed the losses and closed at 324 to the dollar on the official window.It then stabilised at around 305.5 to the dollar due to daily interventions by the central bank, traders said.There was no immediate explanation for the currency move.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Dollar shortage stifles trade in newly floated Egyptian pound CAIRO: Egypt's pound avoided the sharp drop that many had feared on its first day as a freely traded currency, but bankers said that was because years of dollar shortages had starved the market of liquidity. The pound weakened in interbank trade on Sunday, slipping from 15.50 per US dollar to close at 16. Volumes were very low with banks reluctant to part with scarce dollar holdings and ordinary people still stashing the greenback under ...

Markets - FXMM - Middle East & Africa

South Africa's rand hits more than 2-month highs on release of Gupta report JOHANNESBURG: South Africa's rand touched 2-1/2 month high against the US dollar on Wednesday after a court ordered the release of a report over alleged influence peddling in government by close allies of President Jacob Zuma. Zuma earlier withdrew a court challenge to the release of the report by the Public Protector, a constitutionally mandated anti-graft watchdog, on the extent of political influence by the Gupta family, who are his wealthy friends. At 1320 GMT, ...

Markets - FXMM - Middle East & Africa

Gulf falls as Saudi outperforms; investment steps boost Egypt DUBAI: Gulf stock markets fell on Wednesday after drops in global bourses and oil prices, but banking shares limited the decline in Saudi Arabia. Egypt's blue chip index rose after the government approved steps designed to boost investment. In the nine days through Monday, the Saudi index rocketed 10.1 percent in response to the success of Riyadh's international bond issue, which eased concern about tight liquidity in the banking system. On Tuesday, the index pulled ...

Markets - FXMM - Middle East & Africa

Egypt's pound strengthens on black market as restrictions expected on forex deposits CAIRO: Egypt's pound on Wednesday traded at its strongest rate in over two weeks on the black market, traders said, amid speculation that new bank rules may restrict foreign currency obtained on the parallel market.Egypt has contended with a growing shortage of dollars that has made its black market the primary source of hard currency for businesses ever since the 2011 uprising scared off foreign investors and tourists, key sources of dollars. Its efforts to ...

Markets - FXMM - Middle East & Africa

Egyptian pound hits record low on parallel market amid devaluation talk CAIRO: The Egyptian pound hit a new low against the dollar on the black market on Thursday, as speculators hold onto dollars in anticipation of an impending pound devaluation. Egypt has struggled to earn dollars since a 2011 uprising drove away tourists and foreign investors -- the country's main sources of foreign currency.The central bank has been rationing dollars and imposing strict capital controls whilst maintaining the pound at an artificially strong official rate of ...

Markets - FXMM - Middle East & Africa

South Africa's rand steadies, miners lead stocks lower JOHANNESBURG: South Africa's rand steadied on Thursday as improved global risk appetite cushioned the currency from extending recent losses, while stocks were pulled down by a global commodity sell-off. At 1513 GMT, the rand traded at 13.8925 per dollar, not far off its New York close of 13.8900/dollar on Wednesday, when Finance Minister Pravin Gordhan detailed downbeat growth forecast for the next three years. "Global risk sentiment has also improved relative to yesterday, which might ...