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Rand recovers from early sell off against dollar

Monday, 18 March 2013 21:56
Posted by Abdul Ahad
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Rand recovers from early sell off against dollar JOHANNESBURG: South Africa's rand ended slightly firmer against the dollar on Monday, recovering some early morning losses with dealers saying the sell-off was overdone for the short term. By 1550 GMT, the rand was at 9.17/dollar, slightly firmer but not far off its 9.18 close in New York on Friday. Analysts said South Africa's economic weaknesses, such as its current account gap and mine labour tensions, have already been priced into the rand and although the currency will remain under pressure, it will need a fresh bout of negative news to weaken through 9.29/dollar. Dealers are also loathe to take big positions ahead of key inflation data and the second monetary policy decision of the year on Wednesday. The Johannesburg Stock Exchange reported earlier in the session that offshore accounts had sold 4.3 billion rand in local shares and picked up 1.6 billion rand in local bonds. Investors worry that ...

South Africa's rand softer against dollar, tracks euro

Monday, 18 March 2013 13:38
Posted by Shoaib-ur-Rehman Siddiqui
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South Africa JOHANNESBURG: The rand traded softer against the dollar early on Monday, largely taking its cue from a weaker euro as concerns about a bailout deal for Cyprus dampened risk appetite.The rand edged higher against the single currency itself , pulling back from last Friday's five-week low of 12.0313 to trade at 11.8745 by 0639 GMT.It was at 9.2280 to the greenback, down 0.52 percent from Friday's close at 9.18.Breaking with a recent trend, domestic woes ...

Kenyan shilling weakens vs dollar, seen range-bound next week

Friday, 15 March 2013 14:30
Posted by Shoaib-ur-Rehman Siddiqui
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Kenyan shilling weakens vs dollar, seen range-bound next week NAIROBI: The Kenyan shilling weakened on Friday on corporate demand for the dollar in a cautious market still digesting the outcome of a closely fought presidential election, traders said.Commercial banks posted the shilling at 85.60/80 to the dollar at 0700 GMT, slightly weaker than Thursday's close of 85.30/50."There has been some corporate dollar demand this morning, but not much," said Chris Muiga, a senior trader at Kenya Commercial Bank.Demand for the dollar, mainly from oil ...

Positive production data boosts S.Africa's currency

Thursday, 14 March 2013 21:21
Posted by Abdul Ahad
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Positive production data boosts S.Africa JOHANNESBURG: South Africa's rand ended Thursday's session firmer against the dollar after better-than-expected domestic production numbers saw investors trim long dollar positions.The rand initially hit a fresh 4-year low of 9.2925 to the dollar early in the session before stronger-than-anticipated mining and manufacturing data drove investors to buy some of the local currency.Statistics South Africa said total mining output was up 7.3 percent in January, compared with a 7.5 percent contraction in December. Production of ...

South Africa's rand struggles near four-year lows against dollar

Thursday, 14 March 2013 12:27
Posted by Shoaib-ur-Rehman Siddiqui
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South Africa JOHANNESBURG: The South African rand steadied against the dollar in early Thursday trade after being buffeted to fresh four year lows overnight, but the risk for further losses remains as recent data points to anaemic economic growth this year.The currency was at 9.2449 to the greenback by 0605 GMT, little changed from 9.25 at Wednesday's close.Selling pressure after softer-than-expected retail sales data pushed the rand to 9.2750 against the dollar the previous day, its weakest ...

South Africa's rand steadies after four-year lows

Wednesday, 13 March 2013 13:46
Posted by Shoaib-ur-Rehman Siddiqui
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South Africa JOHANNESBURG: The rand held steady against the dollar in early Wednesday trade but looked vulnerable after hitting a four-year low in the previous session as investors worried about South Africa's current account and budget deficits.The rand was at 9.17 to the dollar, the same level it closed at in New York on Tuesday.It hit levels from April 2009 after the central bank said the current account shortfall was wider than anticipated, putting pressure on the ...

Kenyan shilling consolidates gains before rate meeting

Tuesday, 12 March 2013 14:07
Posted by Shoaib-ur-Rehman Siddiqui
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Kenyan shilling consolidates gains before rate meeting NAIROBI: The Kenyan shilling was steady against the dollar on Tuesday as the market consolidated the previous session's gains before a central bank rate-setting meeting later in the day.At 0721 GMT, commercial banks quoted the shilling at 85.45/65 per dollar, barely changed from Monday's close of 85.40/60.The local currency gained 0.8 percent on Monday in the first trading session after the result of a broadly peaceful presidential election, won by Uhuru Kenyatta.Raila Odinga, the runner-up ...

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Banking Review 2012

Annual2011/12
Foreign Debt $65.562bn
Per Cap Income $1,372
GDP Growth 3.7%
Average CPI 10.08%
MonthlyApril
Trade Balance $-1.779 bln
Exports $2.130 bln
Imports $3.909 bln
WeeklyMay 20, 2013
Reserves $11.601 bln