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Middle East & Africa


Kenyan shilling weakens to six-week low versus dollar NAIROBI: The Kenyan shilling weakened to a six-week low early on Wednesday due to increased demand for dollars by importers and other corporate clients to meet end-of-month commitments.At 0728 GMT, commercial banks quoted the shilling down 0.4 percent at 84.45/65 per dollar, off an intraday low of 84.50/70 that was its lowest since April 10."As we approach end-month, demand (for dollars) from corporates has increased, with no significant inflows to counter it," said Duncan Kinuthia, head of trading at Commercial Bank of Africa."There is ...a bit of short covering... The shilling may remain on the back foot for now."Traders said shilling support was at 84.50 after the currency weakened though the key 84.00 level in the previous session.They said the shilling dip could also be a delayed reaction to a 100 basis point cut in base interest rates on May 7, which had given commercial banks room to ease their ...

South Africa's rand under pressure, focus on CPI data JOHANNESBURG: The rand weakened near a four-year low against the dollar early on Wednesday, stung by concerns about labour unrest, but market players said it was unlikely to fall much further while investors awaited domestic inflation data.The rand fell 0.4 percent to 9.5900 early in the session. It hit a four-year low of 9.61 on Tuesday, dragged down by worries about labour tension in the mining industry and a firm dollar.Dealers expect a rebound from ...
South Africa's rand touches new 4-year low against dollar, bonds down JOHANNESBURG: South Africa's rand fell to a new 4-year low and government bonds were heavily sold on Monday in a market still jittery over the threat of labour unrest in the mining sector.The local unit fell more than 0.7 percent to 9.4720 - its weakest since April 2009 - compared to Friday's close at 9.4025. The yield for the benchmark 2026 bond climbed 11 basis points to a month's high of 6.945 percent.Copyright Reuters, 2013 ...
Union to strike at S.Africa's Amplats, rand hits 4-year low JOHANNESBURG: Miners at South Africa's Anglo American Platinum will strike from Thursday evening over proposed job cuts, a union official said, driving its shares lower and sending the rand to a four-year low."The night shift today is not going underground, and also the day shift tomorrow is not going to work," said the branch official of the AMCU union, who did not want to be identified. He could not say how long the action might ...
South African rand, bonds under renewed pressure, strike fears weigh JOHANNESBURG: South Africa's rand was on the back foot against the dollar on Monday and bonds also weakened on worries that job cuts in the mining sector could spark a repeat of last year's violent strikes which dented investor sentiment.The yield on the benchmark 2026 government bond was up 6 basis points at 6.735 percent while the 2015 issue added 4 basis points 5.04 percent.The rand briefly flirted with 9.1555, its weakest level in more ...
Kenyan shilling slips offshore inflows may offer support NAIROBI: The Kenyan shilling slipped on Friday on corporates buying dollars, but traders said they expected the currency to firm next week on continued foreign investor flows into local shares.At 0859 GMT, commercial banks quoted the shilling at 83.75/95 per dollar, weaker than Thursday's close of 83.60/80."There is a bit of corporate demand for dollars. They feel the shilling gains have bottomed out at 83.60," said Sheikh Mehran, a senior trader at Kenya Commercial Bank.Some ...
S.Africa's rand slips in thin holiday trade, bonds weaken JOHANNESBURG: South Africa's rand edged lower against the dollar on Monday amid thin trade due to holidays in Britain and Japan and a slightly weaker euro.The rand was at 9.0210 to the dollar at 1444 GMT, down 1.2 percent from Friday's New York close. "It's a mixture of a thin holiday market and the euro has come off a little bit," said Rand Merchant Bank trader Jim Bryson.The euro slipped on Monday after business surveys ...


Index Closing Chg%
Arrow DJIA 17,001.22 0.22
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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln