07272016Wed
Last update: Wed, 27 Jul 2016 08am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand, stocks firmer as easing Brexit risk buoys EM JOHANNESBURG: South Africa's rand strengthened as much as 2.5 percent against the dollar on Monday, buoyed along with other emerging market currencies by lessening fears of Britain voting to leave the European Union. Stocks were also up on the day, with the benchmark Top-40 index gaining 1.6 percent, while the all-share index added 1.4 percent. The rand rallied to a session high of 14.8155/dollar, its strongest in more than a week according to Thomson Reuters data, and was trading 2.4 percent firmer at 14.8300 by 1311 GMT, compared with Friday's close of 15.1950. The rand's gains reflected stronger global stocks and a retreat in "safe haven" assets like gold and the yen after polls showed support for Britain staying in the EU regaining momentum before a referendum on Thursday."Brexit has really been playing a massive role in the strength in the market. Last week we saw a lot of risk ...

Markets - FXMM - Middle East & Africa

Nigerian naira eases to new low in 1-month forward contracts LAGOS: Nigeria's naira eased against the dollar in non-deliverable forward markets on Monday, with one-month contracts hitting a fresh low after Africa's biggest economy floated its currency, ThomsonReuters data showed. One-month non-deliverable forwards showed the naira weakening to 317 per dollar, while the two-month contract traded at 322 per dollar - matching a record it hit on Friday.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Nigeria's naira plunges in free float LAGOS: The naira plunged against the US dollar on Monday after Nigeria's government scrapped its fixed exchange rate and allowed market forces to determine the currency's value."Trading started at 9:00 am (0800 GMT) this morning. All the 24 commercial banks are participating. The offer is 249 to 265 naira to the dollar," one forex trader told AFP.At 1000 GMT, the naira was quoted at 262.50 against the dollar but the trader, who asked to remain ...

Markets - FXMM - Middle East & Africa

Ugandan shilling weakens due to dollar demand from manufacturing firms KAMPALA: The Ugandan shilling weakened on Monday, undercut by dollar demand from companies in the manufacturing sector and an injection of local currency liquidity via reverse repurchase agreements, traders said.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Nigerian naira devalues 23pc after currency peg ends LAGOS: Nigeria's naira devalued 22.7 percent against the US dollar on Monday as interbank market trading began following the removal of a central bank currency peg, Thomson Reuters data showed. The naira traded at 255 against the dollar on Monday, weakening from the 197 peg maintained by the central bank for the last 16 months.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Kenyan shilling stable, may weaken from demand by banks and telecoms NAIROBI: The Kenyan shilling was stable on Monday although expected dollar purchases by commercial banks and telecommunications firms looking to pay dividends were seen posing a depreciation risk.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Nigeria's naira weakens vs dollar in NDF market ahead of new FX regime LONDON: Nigeria's naira slipped across the curve against the dollar in non-deliverable forward markets on Monday, with one-month contracts hitting a fresh record on before the introduction of a new foreign currency regime later in the day.One-month non-deliverable forwards showed the naira weakening to 305 per dollar, while the two-month contract traded at 310 per dollar - matching a record it hit on Friday.The one-year contract showed the naira at 351 to the dollar .Nigeria ...