09292016Thu
Last update: Thu, 29 Sep 2016 11pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand at a record low, stocks rebound JOHANNESBURG: South Africa's rand hit a record low against a strong dollar on Monday as the first U.S. Federal Reserve rate hike in nearly a decade looms, while stocks rose, ending a four-day losing run.At 1739 GMT the rand was at 14.54 against the greenback, down 1.18 percent from Friday's close at 14.3710. The local currency had earlier hit a new record low of 14.5675.Government bonds weakened across the curve, with the yield for the benchmark instrument maturing in 2026 climbing 1.5 basis points to 8.77 percent, a level last seen in February 2014.The dollar recovered more ground after last week's losses against the euro, strengthened by jobs data on Friday that bolstered the case for a rise in U.S. interest rates next week."A key driver of weakness in emerging market currencies over the past quarters has been this dollar boom market that we're in and we expect that dollar ...

Markets - FXMM - Middle East & Africa

Ugandan shilling stable on slowing importer activity KAMPALA: The Ugandan shilling was flat on Monday with weaker import activity hurting dollar demand and supporting the local currency. At 0912 GMT commercial banks quoted the shilling at 3,315/3,325, unchanged from Friday's close. "Importers have already covered all their hard currency needs. I think they will be out (of the market) for the next two to three weeks," said Faisal Bukenya, head of market making at Barclays Bank. Bukenya said the market was receiving ...

Markets - FXMM - Middle East & Africa

Nigeria naira reaches 250/$, recovering from Friday's low, on unofficial market LAGOS: Nigeria's currency traded at 250 naira on the unofficial market on Monday, just up from Friday's low of 251, as dollar shortages hit bureaux de change operators, traders said. Nearly half of 2,818 bureaux de change operators were denied access to the central bank's dollar sale last week because of incomplete documentation, weakening the naira. On the official market, the naira traded at 198.90 to the dollar at 1141 GMT, around a rate it ...

Markets - FXMM - Middle East & Africa

Kenyan shilling firm, offshore investors eye bond NAIROBI: Kenya's shilling was steady in early trading on Monday, amid limited corporate appetite for dollars and helped by some foreign exchange inflows before a government bond auction.By 0708 GMT, the shilling was quoted at 102.05/25 to the dollar, little changed on Friday's close of 102.10/20.The shilling has hovered in a range of roughly 102.00 to 102.50 since early November, after appreciating from September levels when it almost touched an all-time low of 106.80.Traders noted ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at forex sale, stronger on black market CAIRO: The Egyptian pound held steady at an official foreign currency auction on Sunday and strengthened slightly on the black marketEgypt, which depends on imported food and energy, is facing a dollar shortage and mounting pressure to devalue the pound. The central bank surprised markets when it strengthened the pound on Nov. 11 by 20 piasters against the dollar.On Thursday, it sold 39.5 million dollars at a cut-off price of 7.7301 pounds to the dollar, ...

Markets - FXMM - Middle East & Africa

South Africa's rand drops on Yellen's hawkish comments, stocks open lower JOHANNESBURG: South Africa's rand fell in early trade on Thursday as the dollar gained after Federal Reserve chair Janet Yellen said she was "looking forward" to the first US interest rate increase in nearly a decade.Stocks opened lower, with telecoms company MTN Group in the spotlight. Nigerian authorities reduced by more than a third, to $3.4 billion, a fine imposed on MTN for failing to cut off unregistered users.MTN was up nearly 1 percent at ...

Markets - FXMM - Middle East & Africa

Kenyan shilling holds steady, shares edge up NAIROBI: The Kenyan shilling was stable on Wednesday, with trade slowing in the build-up to the traditionally quiet Christmas season while shares eked out meager gains.At the 1330 GMT close of trading, commercial banks posted the shilling at 102.10/20, unchanged from the previous day's close."The market is flat," one Nairobi-based trader said. "The holiday mood is already here. Activities are slowing down."The shilling has been stuck in a narrow band of 102.00-102.50 for weeks as ...