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Last update: Sat, 03 Dec 2016 05am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South African rand weakens as US rate hike expectations strengthen JOHANNESBURG: South Africa's rand weakened against the dollar on Monday as the greenback rose on expectations that US interest rates would rise soon, adding pressure on the currency which has been knocked by concerns over the finance minister's future. Stocks closed slightly higher, with rand hedge companies benefiting from the weaker currency. By 1522 GMT, the rand was down 0.13 percent against the dollar to 14.3875, off Friday's close at 14.3690.Against a basket of major currencies, the dollar hit its highest in nearly two weeks at 95.724 after senior Federal Reserve officials bolstered expectations that US interest rates would rise soon.Traders also said the rand was weighed down by lingering uncertainty over whether Finance Minister Pravin Gordhan faces arrest following an investigation by the elite police unit Hawks over a surveillance unit set up in the revenue service when he was in charge."The dollar is quite strong on global markets ...

Markets - FXMM - Middle East & Africa

Nigeria naira at record black market low, stocks sink as FX bans weigh LAGOS: Nigeria's naira was quoted at an all-time low of 409 to the dollar on the black market on Thursday, compared with 402 the previous day, after the suspension of some banks from forex trading made dollars even harder to obtain. The central bank suspended nine commercial banks from forex transactions on Tuesday for failing to pay money owed to the government - although one was readmitted after making a payment. Shares in some of ...

Markets - FXMM - Middle East & Africa

South Africa's rand under pressure amid political uncertainty, stocks weaken JOHANNESBURG: South Africa's rand weakened further to a one-month low on Thursday, weighed down by lingering uncertainty over whether the finance minister faces arrest.By 1500 GMT the rand was 0.7 percent weaker at 14.2550 per dollar compared with the close of 14.1575 overnight.The rand fell as much as 4 percent when it emerged on Tuesday police had summoned Finance Minister Pravin Gordhan to answer questions over the lawfulness of a spy unit in the revenue ...

Markets - FXMM - Middle East & Africa

South Africa's rand under pressure amid political uncertainty, stocks weaken JOHANNESBURG: South Africa's rand weakened further to a one-month low on Thursday, weighed down by lingering uncertainty over whether the finance minister faces arrest.By 1500 GMT the rand was 0.7 percent weaker at 14.2550 per dollar compared with the close of 14.1575 overnight.The rand fell as much as 4 percent when it emerged on Tuesday police had summoned Finance Minister Pravin Gordhan to answer questions over the lawfulness of a spy unit in the revenue ...

Markets - FXMM - Middle East & Africa

Nigeria's naira hits record low of 409 to dollar on black market LAGOS: Nigeria's naira was quoted at an all-time low of 409 per dollar on the parallel market on Thursday, compared with 402 per dollar at close on the previous day as dollar shortage bite harder in Africa's top crude producer.Traders said the local currency fell due to increase demand for the dollar which they are unable to match with weak supply and the impact of the suspension of some commercial lenders from forex transaction by ...

Markets - FXMM - Middle East & Africa

Kenya, Uganda shillings seen easing, Zambia kwacha to firm NAIROBI: Kenya's and Uganda's shillings are seen easing in the next week to Thursday due to importer dollar demand from energy companies, while the Zambian kwacha is seen firming, traders said.KENYAKenya's shilling is seen easing, undermined by importer dollar demand from the energy sector, traders said.At 1010 GMT, commercial banks quoted the shilling at 101.30/50 to the dollar, compared with last Thursday's close of 101.45/55."Because this is going to be the end-of-month week, I still ...

Markets - FXMM - Middle East & Africa

Egyptian pound stable at regular dollar sale and on black market CAIRO: Egypt's central bank held the pound steady against the dollar at its regular foreign currency sale on Tuesday as the currency remained stable on the black market.The bank sold $118 million at an unchanged rate of 8.78 per dollar.Egypt is facing an acute dollar shortage that sent its foreign reserves down to $15.5 billion in July, near a critical level that would cover only three months of imports.A widening gap between official and black ...