Wednesday, 10 April 2013 14:30
Posted by Shoaib-ur-Rehman Siddiqui
NAIROBI: The Kenyan shilling firmed on Wednesday to a seven-month high in the first day of trading after incoming President Uhuru Kenyatta was sworn into office in a peaceful handover of power.Traders said corporate clients saw further gains ahead for the currency, reflecting relief at the smooth political outcome. Banks sold dollars as corporate demand for the US currency remained subdued, traders said.The shilling strengthened 0.2 percent in early trading to 84.35/55, a level it last reached on Sept. 18, 2012. Markets were closed on Tuesday when Kenyatta was sworn into office."Corporate demand is not there, that's why we're seeing more interest to sell dollars," said Duncan Kinuthia, head of trading at Commercial Bank of Africa, adding that corporate clients anticipated further gains for the shilling.The shilling has rallied 1.6 percent since the March 4 vote following a largely peaceful vote won by Kenyatta, the east African country's richest man ...
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NAIROBI: The Kenyan shilling firmed on Wednesday to a seven-month high in the first day of trading after incoming President Uhuru Kenyatta was sworn into office in a peaceful handover of power.Traders said corporate clients saw further gains ahead for the currency, reflecting relief at the smooth political outcome. Banks sold dollars as corporate demand for the US currency remained subdued, traders said.The shilling strengthened 0.2 percent in early trading to 84.35/55, a level it last reached on Sept. 18, 2012. Markets were closed on Tuesday when Kenyatta was sworn into office."Corporate demand is not there, that's why we're seeing more interest to sell dollars," said Duncan Kinuthia, head of trading at Commercial Bank of Africa, adding that corporate clients anticipated further gains for the shilling.The shilling has rallied 1.6 percent since the March 4 vote following a largely peaceful vote won by Kenyatta, the east African country's richest man ...
JOHANNESBURG: South Africa's rand dipped below the psychologically key level of 9 to the dollar overnight as the Bank of Japan's massive stimulus programme reawakened appetite for riskier assets such as South African bonds.Government bond yields were close to record lows after offshore investors bought 1.8 billion rand ($199 million) worth of debt on Monday.The yield on the 2031 issue was at 7.555 percent after plunging to a record low of 7.546 percent on Monday, ...
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 ...
NAIROBI: The Kenyan shilling opened slightly stronger on Monday, helped by banks trimming their dollar positions amid slack corporate demand for the US currency ahead of President-elect Uhuru Kenyatta's inauguration.The shilling has rallied 1.4 percent since the March 4 vote, which passed off peacefully, avoiding a re-run of the violence that followed a contested election result five years ago.Market players said corporate clients might be holding back from buying dollars in anticipation of a further ...
NAIROBI: The Kenyan shilling took a breather on Friday after three straight sessions of moderate gains, and traders said it could firm further on reduced demand for dollars from companies. On the share market, the main NSE-20 index gained for the first time in three sessions, led by small-cap stocks. The shilling has gained 0.7 percent since April 2, as investors unwound dollar hedge positions taken before the March 4 national election amid worries about ...
JOHANNESBURG: South Africa's rand rose to a three-week high against the dollar on Friday and was poised for a rally as global central banks maintained accommodative monetary policies.The rand, which has weakened to four-year lows in recent months, was at 9.1506 to the dollar at 0720 GMT, slightly firmer than its close in New York on Thursday. It hit a session high of 9.130 - a level not seen since the second week of March.The ...
