07292016Fri
Last update: Fri, 29 Jul 2016 05am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Kenyan shilling steady, seen trading in a tight range NAIROBI: Kenya's shilling held steady on Tuesday, with traders expecting the currency to trade in a tight range ahead of two regular government debt auctions to be held later this week.By the 1330 GMT official close, commercial banks quoted the shilling at 101.95/102.05 to the dollar, the same level as Monday's close.The shilling, down about 13 percent against the dollar this year, has firmed in recent weeks due to inflows of dollars from offshore investors chasing high-yielding government debt.Traders said the local currency was likely to stay supported as long as the yields on short-term Treasury bills remained elevated.Yields on the benchmark 91-day paper slipped at last week's auction to 19.471 percent but remain far above usual levels. Yields on the 182 and 364-day Treasury bills were above 21 percent at last week's auction."There is still that element of the interest rates. People are looking at the yield appeal," said ...

Markets - FXMM - Middle East & Africa

Kenyan shilling steady, seen trading in a tight range NAIROBI: Kenya's shilling held steady on Tuesday, with traders expecting the currency to trade in a tight range through the day.At 0645 GMT, commercial banks quoted the shilling at 101.95/102.15 to the dollar, barely changed from Monday's close of 101.95/102.05."Nothing has happened this morning. I don't see anything on the horizon today that will make us change direction," said one trader at a Nairobi-based commercial bank.The shilling, down about 13 percent against the dollar this ...

Markets - FXMM - Middle East & Africa

South Africa's rand firm in quiet trade, stocks inch higher JOHANNESBURG: South Africa's rand hardly moved against the greenback in early quiet trade on Tuesday as investors awaited for clear leads and data releases for direction, while stocks opened a touch higher.At 0705 GMT the rand had edged up 0.3 percent to 13.7405 per dollar, a level last seen on Oct.28, according to Reuters data."Currency markets are moving sideways, completely uninspired by the global macro backdrop," Rand Merchant Bank currency strategist John Cairns. "With no ...

Markets - FXMM - Middle East & Africa

Nigeria to raise 123bn naira in treasury bills LAGOS: Nigeria plans to raise 122.95 billion naira ($617.90 million) in treasury bills with tenors ranging from three months to one year on Nov. 4, the central bank said on Monday. The bank said it will raise 45.17 billion naira in the 3-month bill, 23.43 billion naira in the 6-month and 54.35 billion naira in the 1-year, using the Dutch auction system. Money market traders said yields on the paper are expected to be lower ...

Markets - FXMM - Middle East & Africa

Kenyan shilling stable, seen supported by high debt yields NAIROBI: Kenya's shilling was little changed on Monday with foreign investor inflows, driven by high government debt yields, supporting the local currency. Stocks were down.By the 1330 GMT official close, commercial banks quoted the shilling at 102.00/10 to the dollar, compared with Friday's close of 101.90/102.10.The shilling has gained in recent weeks as offshore investors send in dollars to buy government debt. Yields on the benchmark 91-day paper slipped at last week's auction to 19.471 ...

Markets - FXMM - Middle East & Africa

Ugandan shilling strengthens on expectations of rate increase KAMPALA: The Ugandan shilling rose on Monday as commercial banks trimmed their hard currency positions amid concern soaring consumer prices will spur policymakers to raise interest rates. At 0951GMT, commercial banks quoted the shilling at 3,550/3,560, stronger than Friday's close of 3,560/3,570. "People are worried about the direction of inflation," said Ahmed Kalule, a trader at Bank of Africa. "Traders are thinking the direction of inflation will force the central bank to do another round ...

Markets - FXMM - Middle East & Africa

Kenyan shilling steady, high T-bill yields weigh on shares NAIROBI: Kenya's shilling was steady on Tuesday, as dollar inflows by investors chasing high-yielding government debt matched demand for foreign exchange at the shillings' stronger levels.Meanwhile, the benchmark share index slipped, as investors sold stocks and switched to Treasury bills.By the 1330 GMT close of the money market, commercial banks quoted the shilling at 101.60/70, little changed from the 101.60/80 close on Monday."This level will be there for a while," said one dealer at a ...