05052016Thu
Last update: Thu, 05 May 2016 07pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand slightly softer in early trade, gains possible later JOHANNESBURG: South Africa's rand traded a touch weaker against the dollar on Thursday, but traders and analysts said it could turn firmer later if the European Central Bank kept euro zone interest rates at current lows. Stocks opened mostly flat at 0700 GMT, with the JSE securities exchange's Top-40 index dipping just 0.08 percent.The rand traded at 14.2695 versus the dollar, down 0.3 percent from Wednesday's New York close.But analysts and traders said further rand strengthening was still on the cards after it rallied to its strongest in nearly five months in the previous session, driven by improved appetite for high yielding emerging markets."The allure of EM continues, unabated it seems," Standard Bank trader Warrick Butler said in a note."The pessimism from the earlier part of this year has faded away in a tapestry of booming stocks, oil and commodity prices as well as interest rates that in the developed ...

Markets - FXMM - Middle East & Africa

South Africa's rand strengthens, stocks scale one-month high JOHANNESBURG: South Africa's rand remained on the frontfoot on Wednesday, rallying for a third consecutive session after data showing consumer inflation had slowed, easing pressure on the ailing economy.Stocks rose to a one-month high supported by higher precious metals prices, specifically platinum.By 1600 GMT the rand had gained 0.21 percent to 14.2350 per dollar, extending a two-week run that has seen the unit strengthen nearly 7 percent and break through major resistance points towards the ...

Markets - FXMM - Middle East & Africa

Kenyan shilling gains, helped by commercial bank dollar sales  NAIROBI: Kenya's shilling gained on Wednesday, helped by commercial banks unwinding their dollar positions due to subdued demand.At 0850 GMT, commercial banks quoted the shilling at 101.00/10 to the dollar, compared with Tuesday's close of 101.15/25. Traders said they forecast the shilling to trade in the 101.00 to 101.25 range against the dollar in the next few days.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Egypt pound weaker on black market amid dollar hoarding CAIRO: Egypt's currency weakened on the black market on Wednesday as traders speculated on a coming devaluation and hoarded dollars they believe will rise in value.Egypt, which relies heavily on imports, has been facing a dollar shortage since the popular uprising in 2011 drove away tourists and foreign investors, major sources of hard currency.The acute shortage has pushed businesses and individuals unable to source dollars in the official banking system to the black market, where ...

Markets - FXMM - Middle East & Africa

Ugandan shilling firms, helped by liquidity squeeze NAIROBI: The Ugandan shilling firmed on Wednesday, helped by commercial banks trimming their greenbacks positions amid diminishing demand and a local currency liquidity squeeze.At 0746 GMT commercial banks quoted the shilling at 3,310/3,320, stronger than Tuesday's close of 3,320/3,330. The central bank said it will inject an undisclosed amount of liquidity into the money markets on Wednesday. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand hits 4-month high, stocks inch up JOHANNESBURG: South Africa's rand rose to its firmest in four months and stocks gained on Tuesday as increased risk appetite lifted emerging markets.By 1550 GMT the rand had gained 1.12 percent to 14.3050, easing back slightly after racing to 14.1900 in early trade as commodity assets gained on higher oil prices."It's broadly a risk-on environment that the rand is benefiting from," said currency strategist at Absa Capital Mike Keenan.Government bonds were also firmer, with the ...

Markets - FXMM - Middle East & Africa

Egypt pound stable at central bank sale but falls on black market CAIRO: Egypt's pound was stable at Tuesday's weekly foreign currency sale, but extended declines on the black market to a record low of around 11 to the dollar as the import-dependent country struggles with a foreign exchange shortage.Egypt's central bank sold $120 million at its regular rate of 8.78 to the dollar at Tuesday's sale, but the widening gap with the black market rate is increasing pressure on the central bank to devalue for the ...