05052016Thu
Last update: Thu, 05 May 2016 11pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Ugandan shilling breaches key level, falls to record low KAMPALA: The Ugandan shilling breached a key psychological level and weakened to a record low on Wednesday after a surge in demand for dollars from energy companies. At 0805 GMT commercial banks quoted the shilling at 3,510/3,520, weaker than Thursday's close of 3,475/3,485. "The energy sector players have been out for some time but they're now coming in with demand," said Faisal Bukenya, head of market making at Barclays Bank.However, Bukenya said, the shilling's depreciation has slowed a bit after a liquidity squeeze limited interbank appetite. "Funding dollar positions is now very costly so players in the interbank are holding back on demand," he said. In recent days, market players had said they were eyeing 3,500 as a key support level. The scarcity of shillings pushed rates on overnight funds to between 14-17 percent on Wednesday from 12-13 percent at the end of last week.The shilling has weakened 21.3 percent ...

Markets - FXMM - Middle East & Africa

Ugandan shilling hits record low as traders see no intervention KAMPALA: The Ugandan shilling hit a new all-time low on Tuesday as commercial banks snapped up dollars after the central bank signalled it would not intervene to support the local currency, traders said.At 0851 GMT commercial banks quoted the shilling at 3,460/3,470, weaker than Monday's close of 3,440/3,450.The market was driven by central bank comments last week that it was willing to let shilling depreciate to find its market level, Bank of Baroda treasurer Priphwijit ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at auction, weaker on parallel market CAIRO: Egypt's central bank held the Egyptian pound steady at 7.73 pounds to the dollar at a foreign exchange auction on Tuesday following a depreciation over the past week, while the currency weakened on the parallel market. The central bank said it had offered $40 million and sold $39.6 million at a cut-off price of 7.7301 pounds per dollar, unchanged from Sunday's rate. The central bank had held the pound at 7.5301 pounds for the ...

Markets - FXMM - Middle East & Africa

Nigeria naira at new record low of 233 on parallel market LAGOS: Nigeria's naira was quoted at a new record low of 233 to the dollar on the parallel market on Tuesday, weaker than 232 naira on Monday owing to a shortage of the greenback, traders said. The naira has been on the ropes on the parallel market since the central bank introduced new measures two weeks ago restricting importers from sourcing the greenback from the interbank market, shifting dollar demand to the black market. The ...

Markets - FXMM - Middle East & Africa

South Africa's rand, bonds weaken sharply in Greece-related sell-off JOHANNESBURG: South Africa's rand fell more than 1 percent against the dollar on Monday as the looming prospect of a default by debt-ridden Greece sent investors scurrying from risky assets.The rand briefly plumbed a session low of 12.4100 per dollar before coming back to 12.2850 by 0642 GMT, down 0.66 percent from Friday's close in New York. Government bonds also fell sharply, with the yield for paper maturing in 2026 hitting a two-week high of ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms after producer inflation rises JOHANNESBURG: South Africa's rand strengthened for a second straight session against the dollar on Thursday after producer inflation rose, backing the case for a rate hike sooner rather than later.At 1400 GMT the rand had gained 0.62 percent to 12.0870 per dollar, its strongest in over a month, taking advantage of lack of movement in the dollar and euro as Greek debt negotiations remained inconclusive.South Africa's producer price inflation quickened to 3.6 percent year-on-year in ...

Markets - FXMM - Middle East & Africa

South African rand firmer after inflation data backs case for higher rates JOHANNESBURG: South Africa's rand touched its strongest level in a month against the dollar on Thursday after producer inflation data added to recent signs that price pressures are rising, backing the case for higher interest rates. The rand hit a session high of 12.0820/dollar, its strongest since May 28 according to Thomson Reuters data. Copyright Reuters, 2015 ...