Middle East & Africa
Thursday, 22 December 2011 12:46
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NAIROBI: The Kenyan shilling held steady against the dollar on Thursday aided by lower dollar demand ahead of the festive season and traders said high rates in the money markets could support the shilling.
At 0716 GMT, commercial banks quoted the shilling at 83.45/65 against the dollar, barely change from Wednesday's close of 83.50/70.
"The shilling is holding on support from little activity on the (dollar) demand side as companies close for Christmas," said Robert Gatobu, a trader at Bank of Africa.
Charts showed the shilling's next resistance level would be 83.00 to the dollar, traders said.
The shilling is now 22 percent off a record low of 107 hit on Oct. 11, thanks to a tight monetary stance that has seen the central bank rate raised by 11 points since Oct. 5.
The shilling is still 3.7 percent weaker against the dollar in the year to date.
"We expect the local unit to continue firming ...
NAIROBI: High interest rates in the money market and subdued dollar demand ahead of the festive season are expected to continue supporting the shilling, which was barely changed against the greenback in early trading on Wednesday, traders said.
The shilling, which is down more than 3.5 percent this year, has bounced off a record low of 107 hit on Oct. 11 after the central bank tightened monetary policy to combat inflation and exchange rate volatility.
"With most ...
JOHANNESBURG: South Africa's rand touched a fresh 7-day high against the dollar on Wednesday, mainly taking its cue from a resurgent euro in the absence of market-moving domestic news and data as the year winds down.
Government bonds also rose and yields dropped amid renewed investor appetite for emerging market assets which have seen a heavy sell-off in recent months on concerns about the debt crisis in the euro zone.
The rand was trading ...
KAMPALA: The Uganda shilling edged up against the dollar on Monday as ebbing business activity ahead of the holiday period capped demand for the greenback and traders forecast more gains for the local currency in the days ahead.
At 0810 GMT commercial banks in Kampala quoted the local currency at 2,360/2,370, stronger than Friday's close of 2,375/2,385. "Businesses are winding down activity for people to go for holidays," said Ahmed Kalule, Treasury dealer at Bank of ...
NAIROBI: The Kenyan shilling was steady on Monday and traders said they expected it to firm during the week on reduced dollar demand and central bank moves to reduce local currency liquidity.
The shilling gained some 7 percent last week after the central bank mopped up 6.25 billion shillings ($74.6 million) in three consecutive sessions through repurchase agreements.
At 0641 GMT, commercial banks quoted the shilling at 83.65/85 against the dollar, barely changed from Friday's close of ...
KAMPALA: The Uganda shilling rose a touch against the dollar on Friday, a day after the central bank bought greenbacks to slow a sharp climb in the currency, which traders expect will remain bullish.
On Thursday, Bank of Uganda (BoU) bought an unspecified amount of dollars after the shilling climbed sharply in early morning trade.
At 0820 GMT commercial banks quoted the local currency at 2,375/2,385, slightly stronger than Thursday's close of 2,380/2,390.
"Going into next ...
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