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Last update: Sat, 21 Jan 2017 09am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Egyptian pound steady at forex sale and black market CAIRO: Egypt's central bank kept the pound steady at 7.7301 pounds to the dollar at its official foreign currency auction on Sunday, and the currency held steady on the black market as well. Egypt, 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 and has bucked expectations by holding it steady ever since. The central bank sold $39.1 million at a cut-off price of 7.7301 pounds to the dollar, unchanged from the previous auction last Thursday. The official rate is still far stronger than the black market rate, which was around 8.58 pounds to the dollar on Sunday, virtually unchanged from last Thursday's 8.57 pounds, one trader said. The country has been starved of foreign currency since a popular uprising in ...

Markets - FXMM - Middle East & Africa

Nigerian naira down 10pc yr/yr, stocks fall 17pc LAGOS: The Nigerian naira closed little changed against the dollar on both the parallel and interbank market on Thursday, while the stock index rose and the interbank rate remained at 1 percent for overnight lending.The local currency closed on the interbank market at 199.50 to the dollar on Thursday, compared with 181.50 to the dollar a year ago, down 9.91 percent at the official window. On the parallel market, the naira traded at 266 to ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at official auction and black market CAIRO: Egypt's central bank kept the pound steady at 7.7301 pounds to the dollar at its official foreign currency auction on Thursday, and currency held its weaker rate on the black market as well.Egypt, 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 ...

Markets - FXMM - Middle East & Africa

Ugandan shilling unchanged on low demand, seen marginally weaker KAMPALA: The Ugandan shilling was unchanged on Thursday amid mild demand for the dollar, though traders said it could fall slightly in the coming days as market activity picks up in the new year. At 1040 GMT commercial banks quoted the shilling at 3,380/3,390, unchanged from Wednesday's close. Stephen Kaboyo of Alpha Capital Partners said there were "some pockets of demand seen from market players as they squared their positions ahead of year end". He ...

Markets - FXMM - Middle East & Africa

South Africa's rand slips, stocks weaker JOHANNESBURG: South Africa's rand weakened by more than half a percent on Thursday as the dollar extended gains on the back of a slide in global oil prices. Stocks declined a fourth straight day as mobile operator MTN weighed on the bourse. By 1030 GMT the rand had slipped 0.61 percent to 15.6510 per dollar, a new 2-1/2 week low as demand for the greenback and thin-trade ahead of the long New Year's Day weekend ...

Markets - FXMM - Middle East & Africa

South Africa's rand falls sharply, stocks down JOHANNESBURG: South Africa's rand weakened more than one percent in thin trade on Wednesday, under pressure from a strengthening dollar, even though the balance of trade swung to a surplus from a wide deficit.Local stocks extended losses for a third straight day, weighed down by the gold and financial sectors. That tracked a decline by global equities as commodity markets weakened.At 1545 GMT, the rand had slipped 1.68 percent to 15.5670 per dollar, its weakest ...

Markets - FXMM - Middle East & Africa

South Africa's rand slips more than 1pc as dollar recovers JOHANNESBURG: South Africa' weakened more than one percent in thin trade on Wednesday under pressure from a strengthening dollar, despite data showing the trade deficit had swung to a surplus from a wide deficit. By 1320 GMT the rand had softened 1 percent to 15.47 per dollar, its weakest in two-and-a-half weeks as the greenback recovered globally from profit-taking. "It mostly just year-end demand for dollars, but otherwise it's really really quiet and there is ...