06252016Sat
Last update: Sat, 25 Jun 2016 08pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Nigeria's naira falls in NDF market vs dollar LONDON: Nigeria's naira tumbled against the dollar in the non-deliverable forward markets on Thursday, as uncertainty continued over a potential liberalisation of the currency. Three-month non-deliverable forwards showed the naira trading at around 278 per dollar, weakening 2.2 percent on the day, and the weakest since June 3. One-month non-deliverable forwards moved too with the naira 1.5 percent lower, trading at around 239 per dollar. The official naira rate is currently fixed at around 198 to the dollar. The country's central bank has floated the idea of ditching that peg and moving to a different, weaker exchange rate for petrol imports, but few firm details have emerged. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand stumbles after economy contracts sharply JOHANNESBURG: South Africa's rand retreated on Thursday as investor confidence was rattled by data showing the economy had contracted sharply in the first quarter, raising the risk of recession just as the country dodged downgrades to subinvestment grade.By 0645 GMT the rand had slipped 0.29 percent to 14.7675 per dollar, wiping out gains that saw the unit climb to a five-week high after Fitch affirmed South Africa's investment grade credit rating and maintained its stable ...

Markets - FXMM - Middle East & Africa

South Africa's rand, bonds rally after Fitch affirms rating JOHANNESBURG: South Africa's rand rose to its firmest in just over a month on Wednesday while government bonds also strengthened after ratings agency Fitch affirmed the country's investment-grade credit status. Fitch also maintained its stable outlook, but warned that political tensions could still derail efforts to boost growth.By 1139 GMT the rand had gained 1.16 percent to 14.7295 per dollar, its firmest since May 4. The rand has gained since Friday's decision by S&P's to ...

Markets - FXMM - Middle East & Africa

South Africa's rand halts rally, GDP data, Fitch review keep market wary JOHANNESBURG: The rand pulled back from the previous session's four-week highs against the dollar on Wednesday and traders said South African GDP data expected to show a small contraction in the first quarter could add pressure on the currency.The rand has gained as much as 5 percent against the dollar since Friday, reaching 14.7995 on Tuesday in a relief rally prompted by S&P's decision to maintain South Africa's investment grade BBB- rating.The currency however gave ...

Markets - FXMM - Middle East & Africa

South Africa's rand reaches firmest in one month, stocks up JOHANNESBURG: South Africa's rand firmed late on Tuesday as investors continued to push back bets of an interest rate hike in the United States, although gains were restrained ahead of local growth data and a ratings decision by Fitch. Stocks closed higher as the firmer currency boosted companies with predominantly local operations. By 1540 GMT the rand had gained 0.1 percent to 14.8850 per dollar, stretching a rally that placed the unit on track for ...

Markets - FXMM - Middle East & Africa

Nigeria naira eases as FX uncertainty spurs dollar buying LAGOS: Nigeria's naira eased 1.1 percent on the parallel market on Tuesday, as customers trying to hedge against a likely currency depreciation when the central bank clarifies it new forex policy, snapped up every available dollar from retail outlets. The naira was quoted at 361 to the dollar on the parallel market, lower than 357 on Monday, driven by dollar scarcity, traders say. "Dollar demand has increased due to uncertainty around central bank's FX policy," ...

Markets - FXMM - Middle East & Africa

South Africa's rand weaker, focus on Fitch, GDP data JOHANNESBURG: South Africa's rand weakened in early trade on Tuesday as market focus shifted to a rating review from Fitch and first-quarter economic growth numbers both expected on Wednesday.At 0646 GMT, the rand traded at 14.9510 per dollar, 0.34 percent softer from its New York close on Monday.The currency broke below 15.0000/dollar for first time in nearly four weeks on Monday after S&P Global Ratings on Friday affirmed the investment-grade credit status of Africa's most ...