Middle East & Africa
Monday, 15 April 2013 14:40
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NAIROBI: The Kenyan shilling was steady against the dollar on Monday, with traders expecting the local currency to strengthen further in coming sessions due to low dollar demand.At 0736 GMT, commercial banks quoted the shilling at 83.90/84.00, barely changed from Friday's close of 83.85/84.05."We are seeing very weak demand for dollars at the moment," said Duncan Kinuthia, head of trading at Commercial Bank of Africa.However, Kinuthia said the shilling's 2.2 percent rally since the March 4 election could put the currency under pressure as importers who had been sitting out recently may rush in to buy dollars at lower levels.Uhuru Kenyatta, the country's richest man and son of its founding President Jomo Kenyatta, was sworn in as the new president on April 9, after his win was upheld by the Supreme Court following a challenge.The peaceful election avoided a repeat of tribal fighting that followed the previous vote five years ...
JOHANNESBURG: The rand handed back some of the past week's gains against the dollar early on Friday but bonds were firmer, hinting at inflows that could help the currency gain ground later in the session.Foreign investors have poured funds into South Africa's local bond market since the Bank of Japan announced its aggressive new policy stance to deal with deflation, which involves pumping billions of cheap yen into financial markets.That has helped the rand post ...
NAIROBI: The Kenyan shilling consolidated its recent gains on Thursday, while traders said they expected the local currency to strengthen further in coming sessions as demand for dollars remains low.At 0828 GMT, commercial banks quoted the shilling at 84.20/40, the same level it closed on Wednesday."The shilling has gained (recently) on the back of investor confidence in the market after the vote," said Chris Rwengo, head of trading at Standard Chartered Bank. "Nothing suggests a ...
JOHANNESBURG: South Africa's rand rose to 9.0 against the dollar on Monday, its strongest level in more than a month, as the Bank of Japan's bond-buying programme boosted risky assets.The rand was at 9.0174 to the dollar at 1107 GMT, after briefly hitting the psychologically key 9.0 level."Overall, we're just seeing an extension of the move that played out on Friday across risk currencies as the Bank of Japan announced pretty aggressive stimulus measures," said ...
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