12072016Wed
Last update: Wed, 07 Dec 2016 07pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Egyptian pound steady at forex auction, dips on black market CAIRO: The Egyptian pound held steady at an official foreign currency auction on Tuesday and weakened slightly on the black market Egypt, which depends on imported food and energy, is facing a dollar shortage and mounting pressure to devalue the pound.The central bank surprised markets when it strengthened the pound on Nov. 11 by 20 piasters against the dollar. On Tuesday it sold $39.4 million at a cut-off price of 7.7301 pounds to the dollar, unchanged from Sunday, providing 37.74 percent of the amount requested by banks. The official rate is still far from that on the black market, which was around 8.53 pounds to the dollar on Sunday, making the pound marginally weaker than Sunday's rate of 8.52 pounds, one trader said. Egypt's reserves have tumbled from $36 billion in 2011 to $16.4 billion in October, and the country has been rationing dollars through weekly auctions to banks, keeping ...

Markets - FXMM - Middle East & Africa

Ugandan shilling stable for second day, eyes key rate decisions KAMPALA: The Ugandan shilling was stable for a second consecutive day on Tuesday, amid slow trading and expectations the local currency will remain rangebound. At 1006 GMT commercial banks quoted the shilling at 3,310/3,320, unchanged from Monday's close. "(The shilling) will keep in the 3,310-3,325 range pending direction from BoU (Bank of Uganda) and Fed decisions," said a trader at a leading commercial bank. Uganda's central bank is due to announce its key rate decision ...

Markets - FXMM - Middle East & Africa

South Africa's rand at a record low, stocks rebound JOHANNESBURG: South Africa's rand hit a record low against a strong dollar on Monday as the first U.S. Federal Reserve rate hike in nearly a decade looms, while stocks rose, ending a four-day losing run.At 1739 GMT the rand was at 14.54 against the greenback, down 1.18 percent from Friday's close at 14.3710. The local currency had earlier hit a new record low of 14.5675.Government bonds weakened across the curve, with the yield for the ...

Markets - FXMM - Middle East & Africa

Ugandan shilling stable on slowing importer activity KAMPALA: The Ugandan shilling was flat on Monday with weaker import activity hurting dollar demand and supporting the local currency. At 0912 GMT commercial banks quoted the shilling at 3,315/3,325, unchanged from Friday's close. "Importers have already covered all their hard currency needs. I think they will be out (of the market) for the next two to three weeks," said Faisal Bukenya, head of market making at Barclays Bank. Bukenya said the market was receiving ...

Markets - FXMM - Middle East & Africa

Nigeria naira reaches 250/$, recovering from Friday's low, on unofficial market LAGOS: Nigeria's currency traded at 250 naira on the unofficial market on Monday, just up from Friday's low of 251, as dollar shortages hit bureaux de change operators, traders said. Nearly half of 2,818 bureaux de change operators were denied access to the central bank's dollar sale last week because of incomplete documentation, weakening the naira. On the official market, the naira traded at 198.90 to the dollar at 1141 GMT, around a rate it ...

Markets - FXMM - Middle East & Africa

Kenyan shilling firm, offshore investors eye bond NAIROBI: Kenya's shilling was steady in early trading on Monday, amid limited corporate appetite for dollars and helped by some foreign exchange inflows before a government bond auction.By 0708 GMT, the shilling was quoted at 102.05/25 to the dollar, little changed on Friday's close of 102.10/20.The shilling has hovered in a range of roughly 102.00 to 102.50 since early November, after appreciating from September levels when it almost touched an all-time low of 106.80.Traders noted ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at forex sale, stronger on black market CAIRO: The Egyptian pound held steady at an official foreign currency auction on Sunday and strengthened slightly on the black marketEgypt, which depends on imported food and energy, is facing a dollar shortage and mounting pressure to devalue the pound. The central bank surprised markets when it strengthened the pound on Nov. 11 by 20 piasters against the dollar.On Thursday, it sold 39.5 million dollars at a cut-off price of 7.7301 pounds to the dollar, ...