08252016Thu
Last update: Thu, 25 Aug 2016 11pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South African rand weaker as risk appetite wanes; retailers buoy stocks JOHANNESBURG: South Africa's rand retreated on Monday as a stronger dollar boosted by revived bets of an interest rate hike in the United States dented risk appetite, while stocks rose lifted by retailers.By 1530 GMT the rand had weakened 0.7 percent to 14.3980 per dollar, falling for a second successive session after failing to hold a breach of technical resistance around 14.20 in the previous week.With relatively low trade volumes in the session, the retreat from the previous week's rally to a three month best at 14.1620 shifts momentum to the downside towards technical support at 14.5000.Traders expected the rand to remain in a tight range ahead of the U.S. Federal Reserve's policy meeting on Wednesday as investors held off major bets before the rates decision."Should the Fed indicate appetite for a hike in September, expect the rand to sell-off, especially given that it failed to push lower than 14.30 ...

Markets - FXMM - Middle East & Africa

Egypt's pound weakens on black market amid devaluation talk CAIRO: The Egyptian pound weakened to an unprecedented 13 to the dollar on the black market on Monday, hit by expectations of a devaluation as an acute hard currency shortage hampers trade in the import-dependent country.The pound was trading in a wide range of 12.50 to 13.10 to the dollar on the black market on Monday, five dealers told Reuters, at least 42 percent weaker than the central bank's official rate of 8.78 per dollar.The ...

Markets - FXMM - Middle East & Africa

Nigeria naira sinks to record closing low; analysts eye rate hike LAGOS: Nigeria's naira slipped 2.5 percent to a new closing low of 310 per dollar on Monday, failing to lure in local investors or foreign players as trade dried up a day before an expected interest rate hike from the central bank.The currency had opened at a record low of 302.10 on Monday and traded a total of just $8.64 million by the close, far less than $100.54 million on Friday, when the central bank ...

Markets - FXMM - Middle East & Africa

Nigeria central bank has settled $697mn one-month forward at 280 LAGOS: Nigeria's central bank has settled $697 million of one-month outright currency forwards it sold in June at an exchange rate of 280 naira per dollar, one trader said on Friday. The $697 million, part of $4 billion auctioned after the naira was floated last month to help clear a backlog of demand for dollars, was due for settlement on Friday, the trader said.Outstanding forwards sold by the central bank also include $1.22 billion of ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms after rates decision, stocks flat JOHANNESBURG: South Africa's rand firmed to its strongest in nearly three months against the dollar on Thursday, boosted by a search for higher yield after the central bank left its repo rate unchanged and analysts ruled out any imminent policy easing.Stocks were largely flat even though the resources sector recovered after a dip in the previous session on weak production results.South Africa's Reserve Bank kept its benchmark repo rate unchanged at 7 percent, as expected, ...

Markets - FXMM - Middle East & Africa

Nigerian naira weakens to 330.50 in off-market trades LAGOS: Nigeria's naira fell to an all-time low on Thursday, crossing 300 to the dollar for the first time on the interbank market after the central bank last month lifted its peg on the currency to allow it to trade freely.The naira fell 5.4 percent against the greenback to 309 at 1224 GMT on dollar supply shortages. It later recovered to close at 292.40 on the interbank market on thin trades. The interbank market traded ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms after inflation data, stocks flat JOHANNESBURG: South Africa's rand firmed against the US dollar on Wednesday after data showing inflation quickened in June boosted the case for domestic interest rates remaining high this year. Stocks were largely unchanged with mining firms among the biggest losers on weak production results while budget retailer Shoprite led the risers on strong sales. At 1500 GMT, the rand traded at 14.2700 per dollar, 0.42 percent firmer from its New York close on Tuesday. South ...