07012016Fri
Last update: Fri, 01 Jul 2016 06pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Ugandan shilling stronger, helped low dollar demand, tight liquidity KAMPALA: The Ugandan shilling was slightly firmer on Monday due to subdued dollar demand and tight liquidity in the money markets, traders said.At 0905 GMT, commercial banks quoted the shilling at 3,668/3,678, stronger than Thursday's close of 3,675/3,685. Markets were closed on Friday for a national holiday."Some players in the interbank are cutting back their (dollar) positions because there's no demand," said Ali Abbas, trader at Crane Bank."I have also seen some banks doing conversions to get shillings because there's a bit of (shilling) scarcity."The local currency has lost 25 percent against the greenback so far this year and its steep depreciation has prompted the central bank to increase its key lending rate to try provide support and stem price pressures.The rate now stands at 16 percent after being raised by a total of 500 basis points so far this year.The central bank is due to make its next announcement ...

Markets - FXMM - Middle East & Africa

Kenyan shilling strengthens on foreign debt inflows SNAIROBI: The Kenyan shilling strengthened on Thursday as foreign investors bought Kenya's high-yielding debt. Stocks were down.At the 1330 GMT close, commercial banks posted the shilling at 103.00/10, gaining from Wednesday's closing 103.25/35."The shilling is firmer on the back of increasing yield appeal" from the central bank's Treasury bill auction on Wednesday, said a trader at a major commercial bank in Nairobi.At Wednesday's auction, the weighted average yield on Kenya's 364-day Treasury bills jumped to ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at dollar sale, weaker on parallel market CAIRO: Egypt's central bank kept the pound steady at a dollar sale on Sunday, as it sold $37.8 million at a cut-off price of 7.7301 pounds per US currency. Traders said the pound was weaker on the parallel market. The official cut-off price was unchanged from Thursday's dollar sale, but two traders said the dollar was changing hands at 8.15/17 to the dollar in the parallel market, weaker than Sunday's rate of 8.05. Egypt has ...

Markets - FXMM - Middle East & Africa

Uganda shilling little changed, long weekend dampens importer demand KAMPALA: The Ugandan shilling firmed slightly on Thursday amidst sluggish demand as importers and other buyers stayed on the sidelines ahead of a long weekend.At 1001 GMT commercial banks quoted the shilling at 3,675/3,685, slightly stronger than Wednesday's close of 3,678/3,688. "The local unit is drawing support from an absence of demand," said Faisal Bukenya, head of market making at Barclays Bank. Bukenya said appetite from importers was especially low as a long weekend approached. ...

Markets - FXMM - Middle East & Africa

Kenyan shilling edges down, T-bill auction eyed NAIROBI: The Kenyan shilling was slightly weakened against the dollar on Wednesday, with traders saying they were awaiting the outcome of a Treasury bill auction to determine the direction the currency might take. Stocks were up.At the 1330 GMT close of trade, commercial banks posted the shilling at 103.35/45, after Tuesday's close of 103.20/30."It's pretty stable. Both demand and supply are well-matched," said a trader with a leading commercial bank.Kenya's central bank will auction 182- ...

Markets - FXMM - Middle East & Africa

Ugandan shilling flat as slow consumer spending cools importer demand KAMPALA: The Ugandan shilling was stable for a second straight day on Wednesday, as slow consumer spending depressed appetite for hard currency among importers. At 0943 GMT commercial banks quoted the shilling at 3,680/3,690, unchanged from Tuesday. "Importers are telling us sales are slow, which is consequently limiting their (dollar) demand," said Faisal Bukenya, head of market making at Barclays Bank. "Some of the buyers are also staying away because they consider the dollar's current ...

Markets - FXMM - Middle East & Africa

South Africa's rand rises to 2-week high as US rate hike bets pushed back JOHANNESBURG: South Africa's rand gained more than one percent against the dollar on Wednesday to a two-week high of 13.3600 as the greenback slipped, with investors pushing back bets of a 2015 rate hike by the Federal Reserve. The US's trade deficit widened by its most in five months in August, reinforcing expectations that the Fed would delay hiking rates for the first time since 2006 until next year. Copyright Reuters, 2015 ...