09262016Mon
Last update: Mon, 26 Sep 2016 10pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Kenyan shilling flat on weak corporate demand; stocks rise ADDIS ABABA: Kenya's shilling was unchanged on Thursday, with traders reporting subdued appetite for dollars from corporate buyers and weak inflows from offshore investors, while stocks rose.At the close of trade, commercial banks quoted the shilling at 102.15/25, the same as Wednesday's close."There has not been any corporate demand. We are looking at more inflows than outflows," said one Nairobi-based trader, referring to hard currency inflow.Kenya's central bank held its benchmark lending rate at 11.50 percent on Tuesday, saying the exchange rate had stabilised and the current account deficit had narrowed.The move helped stabilize the local currency, traders said.The shilling, down about 13 percent against the dollar this year, has been under pressure partly because of global dollar strength and partly because of domestic issues, such as a widening trade gap and budget deficit.On the Nairobi Securities Exchange, the main NSE-20 Share Index was up 24.31 points, or 0.6 percent, ...

Markets - FXMM - Middle East & Africa

Kenyan shilling steady as central bank action eyed  NAIROBI: Kenya's shilling weakened slightly in early trading on Thursday with traders saying they expected it to stay in a tight range for at least the next week.By 0947 GMT, the shilling was quoted at 102.15/35 to the dollar, compared to Wednesday's close of 102.15/25 ."We're stuck in this tight range. Anything weaker than 102.40 seems to be attracting the attention of the central bank," said one trader at a commercial bank.The trader said the ...

Markets - FXMM - Middle East & Africa

Ugandan shilling weakens after IMF lowers growth forecasts KAMPALA: The Ugandan shilling lost ground on Thursday as confidence in the local currency sagged after the International Monetary Fund (IMF) lowered its GDP growth forecast for the East African nation.At 0933 GMT commercial banks quoted the shilling at 3,370/3,380, weaker than Wednesday's close of 3,340/3,350."The cutting of growth is a big negative for the shilling," said Ahmed Kalule, trader at Bank of Africa."The implication is that we now expect lower output levels which will ...

Markets - FXMM - Middle East & Africa

Egypt's central bank holds pound at 7.7301 per dollar CAIRO: Egypt's central bank will hold the pound steady at 7.7301 pounds to the dollar at an official foreign currency auction on Thursday, traders said.Egypt is facing a dollar shortage and mounting pressure to devalue the currency. The central bank surprised markets when it strengthened the pound on Nov. 11 by 20 piasters against the dollar.Copyright Reuters, 2015 ...

Markets - FXMM - Middle East & Africa

Ugandan shilling firms on wave of interbank dollar selling KAMPALA: The Ugandan shilling rallied in volatile trading on Wednesday, strengthened by a dollar sell-off by commercial banks.At 0951 GMT commercial banks quoted the shilling at 3,350/3,360, up from Tuesday's closing of 3,400/3,410. The shilling has lost 17.6 percent against the dollar this year."There's speculation in interbank that is fuelling significant selling of dollars in the interbank," said Shahzad Kamaluddin, trader at Crane Bank.Traders, Kamaluddin said, were speculating that the appetite for hard currencies from ...

Markets - FXMM - Middle East & Africa

South Africa's rand on the backfoot, stocks slip JOHANNESBURG: South Africa's rand fell against the dollar on Wednesday amid investor uncertainty over whether the central bank will raise interest rates this week.Stocks opened 0.13 percent lower at 46,687 points on South Africa's blue-chip Top-40 index.At 0730 GMT the rand had slipped 0.19 percent to 14.3000 per dollar, surrendering the gains of the previous session as the greenback climbed to a seven-month high.U.S. interest rates are expected rise before year-end.Government bonds were flat, with ...

Markets - FXMM - Middle East & Africa

Kenya's shilling barely changed after central bank holds rates steady  ADDIS ABABA: Kenya's shilling inched a tad lower on Wednesday, a day after the central bank kept its benchmark lending rate unchanged, traders said.By 0715 GMT, the shilling was quoted at 102.20/30 to the dollar, compared to Tuesday's close of 102.10/30."It is flat - the same as the past few days," said one Nairobi-based trader.A second trader said the local currency was expected to remain steady over the next few days.Kenya's central bank held its ...