05282016Sat
Last update: Sat, 28 May 2016 02pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Nigeria's naira falls 1.25pc on parallel market after fuel hike LAGOS: Nigeria's naira currency weakened 1.25 percent to 324 to the dollar on the parallel market on Thursday after the West African country raised gasoline prices by 67 percent, traders said. "People are holding on to their dollars in anticipation of an increase in demand for dollar by oil importers," said Aminu Gwadabe, head of the bureaux de change operators association.On Wednesday, the government said fuel importers were from now on allowed to get dollars from the parallel market to help ease acute shortages.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand recoups losses, commodities buoy shares JOHANNESBURG: South Africa's rand firmed against the dollar on Wednesday as the dollar weakened globally but the local currency remained vulnerable due to weak domestic economic growth. Stocks also gained with mining shares among the biggest gainers as prices of commodities such as bullion cruised higher. At 1553 GMT, the rand traded at 15.0235 per the dollar, 0.67 percent firmer from Tuesday's New York close, erasing earlier losses as the greenback eased on profit-taking.Profit-taking hit ...

Markets - FXMM - Middle East & Africa

Rand claws its way back from six week lows, stocks up JOHANNESBURG: South Africa's rand clawed its way back from six week lows against the dollar on Tuesday as a firmer oil price lifted commodity currencies, but analysts said concerns over the ailing domestic economy would cap any significant gains.Analysts said Africa's most industrialised economy was not yet out of the woods after dodging a downgrade from Moody's last Friday, with Fitch and Standard & Poor's set to do their own reviews over the next couple ...

Markets - FXMM - Middle East & Africa

South Africa's rand claws its way back from six week lows, stocks up JOHANNESBURG: South Africa's rand clawed its way back from six week lows against the dollar on Tuesday as a firmer oil price lifted commodity currencies, but analysts said concerns over the ailing domestic economy would cap any significant gains. Analysts said Africa's most industrialised economy was not yet out of the woods after dodging a downgrade from Moody's last Friday, with Fitch and Standard & Poor's set to do their own reviews over the next ...

Markets - FXMM - Middle East & Africa

Kenyan shilling under pressure as manufacturers seek dollars NAIROBI: The Kenyan shilling came under pressure on Tuesday from manufacturing firms seeking dollars while inflows of foreign exchange slowed.By 0822 GMT, the shilling was quoted at 100.50/60, compared with Monday's close of 100.45/55.The currency could receive a boost next week from the sale of a nine-year infrastructure bond that is expected to draw in dollars from offshore investors, traders said. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Egyptian pound stable at Tuesday's auction, stronger on black market CAIRO: The Egyptian pound was stable at a central bank auction on Tuesday but strengthened slightly on the black market. The central bank sold $119.6 million a 8.78 per dollar, unchanged from the previous week.The pound rose, however, on the black market to 10.85-10.95 compared with 11.05 a week earlier, two traders said without giving any volume figures. Egypt, which relies heavily on imports, has been facing a dollar shortage since the popular uprising in ...

Markets - FXMM - Middle East & Africa

South Africa's rand recovers slightly, remains under pressure JOHANNESBURG: South Africa's rand steadied on Tuesday but remained near one- month lows as gloomy economic prospects continued to weigh on sentiment after the unemployment rate rose to a record high.By 0645 GMT, the rand had inched 0.2 percent firmer to 15.1690 per dollar, the unit's softest level since April 8.Government bonds were weaker, with the benchmark paper due in 2026 adding 1 basis point to 9.155 percent.The rand rallied briefly to below 15.00 in ...