Middle East & Africa
Friday, 05 April 2013 12:43
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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 Bank of Japan's announcement on Thursday that it would inject about $1.4 trillion into the world's third-biggest economy by the end of 2014 to fight deflation revived appetite for risky assets.On the same day, the European Central Bank kept interest rates on hold but its president Mario Draghi did not rule out further rate cuts.The local market is starting to price in the possibility of offshore central banks debasing their currencies further, said George Glynos, ...
JOHANNESBURG: South Africa's rand steadied against the dollar on Wednesday after a bout of weakness overnight following disappointing factory data that reinforced a gloomy economic outlook and the likelihood of continued pressure on the currency.The rand was at 9.2325 versus the greenback at 0659 GMT, a 0.22 percent gain from Tuesday's close at 9.2530.The rand retreated from two-week highs on Tuesday, weighed down by a report showing the Purchasing Managers' Index, a forward-looking pointer to ...
KAMPALA: The Ugandan shilling was unchanged against the dollar in quiet trading on Tuesday with market players sidelined ahead of the central bank April rate decision on Wednesday.Bank of Uganda (BoU) is due to announce April's Central Bank Rate (CBR) on Wednesday, and the rate is generally expected to be held after year-on-year inflation surged in March.A rise in both food and non-food prices pushed up Uganda's headline inflation in March to 4.0 percent from ...
CAIRO: The Egyptian pound has fallen sharply against the dollar on the black market in the last few days, market participants said on Sunday, citing dwindling supply of the US currency.They forecast a further decline unless more hard currency enters the market.Egypt, which has suffered political and economic instability since President Hosni Mubarak was ousted more than two years ago, is struggling to curb a run on the pound, which at official rates has fallen ...
JOHANNESBURG: South Africa's rand softened against the dollar on Wednesday, weakened by concerns about the financial stability of its main trading partner Europe after the Cyprus bailout deal.The rand traded at 9.278 against the dollar at 0642 GMT, about 0.41 percent weaker than Wednesday's 9.2425 close in New York."The euro is really struggling to maintain any sort of headway at the moment, the comments that keep coming out of Europe are not good," said Ion ...
NAIROBI: The Kenyan shilling weakened on Monday as importers bought dollars with an eye on a court ruling due this week on a challenge to the presidential election, while shares rose for a second session.At the 1300 GMT market close, commercial banks quoted the shilling at 85.90/86.10 to the dollar, 0.2 percent weaker than Friday's close of 85.70/90."We're looking at some month-end dollar demand with a focus on the end-of-the-week court ruling," said Dickson Magecha, ...
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