Middle East & Africa
Friday, 10 May 2013 14:09
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NAIROBI: The Kenyan shilling slipped on Friday on corporates buying dollars, but traders said they expected the currency to firm next week on continued foreign investor flows into local shares.At 0859 GMT, commercial banks quoted the shilling at 83.75/95 per dollar, weaker than Thursday's close of 83.60/80."There is a bit of corporate demand for dollars. They feel the shilling gains have bottomed out at 83.60," said Sheikh Mehran, a senior trader at Kenya Commercial Bank.Some traders, however, said the shilling, which has firmed 2.8 percent so far this year, is expected to get some support from foreign investors selling greenbacks to buy into local shares in coming sessions.A 100 basis point cut on the central bank rate to 8.50 percent earlier this week and strong first quarter company results have renewed foreign interest in Kenyan assets in anticipation of accelerated growth due to lower interest rates."There is a lot of ...
JOHANNESBURG: South Africa's rand edged lower against the dollar on Monday amid thin trade due to holidays in Britain and Japan and a slightly weaker euro.The rand was at 9.0210 to the dollar at 1444 GMT, down 1.2 percent from Friday's New York close. "It's a mixture of a thin holiday market and the euro has come off a little bit," said Rand Merchant Bank trader Jim Bryson.The euro slipped on Monday after business surveys ...
JOHANNESBURG: South Africa's rand traded close to last Friday's 3-week highs against the dollar on Monday and should be supported by renewed appetite for riskier but higher-yielding assets in the wake of policy easing across developed markets.Traders did not anticipate sharp market moves in response to first quarter domestic unemployment data due out at 0930 GMT, although it should confirm that business are reluctant to add new jobs while economic growth remains lacklustre.The local unit ...
JOHANNESBURG: South Africa's rand fell against the dollar on Thursday on softening precious metal prices, erasing modest gains made earlier in the week.The rand was at 9.0425 to the dollar at 0632 GMT, 0.8 percent weaker than its close in New York on Tuesday. The market was closed on Wednesday for a public holiday.Data released on Tuesday showing a narrower-than-expected trade deficit in March bolstered the rand but a fall in commodities prices put it ...
JOHANNESBURG: South Africa's rand traded little changed from overnight closing levels against the dollar on Tuesday although it retreated slightly after central bank data showed a slowdown in private sector credit extension.Trade data due out later in the day could add pressure on the currency if it shows a wider-than-expected trade deficit for March.The rand was at 8.9950 per dollar by 0633 GMT, down just 0.06 percent from Monday's close at 8.99.The currency gave up ...
LAGOS: Nigeria's naira currency firmed to its highest in more than two weeks against the U.S dollar on the interbank market on Monday, supported by dollar sales by two energy companies, traders said. The naira closed at 157.95 to the dollar on the interbank market, a level last seen on April 12. It had closed at 158.70 to the dollar on Friday. Dealers said a unit of ExxonMobil sold about $62.7 million, while Royal Dutch ...
NAIROBI: The Kenyan shilling was steady on Thursday, with traders expecting it to strengthen because of foreign investors selling dollars to pay for Treasury bonds auctioned in the previous session.At 0822 GMT, commercial banks quoted the shilling at 83.65/85 against the dollar, the same level it closed at on Wednesday."Demand (for dollars) is muted for now, but we expect to see offshore investors coming in to sell dollars today and tomorrow before the payments fall ...
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