07292016Fri
Last update: Fri, 29 Jul 2016 03pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Ugandan shilling loses ground on reduced inflows KAMPALA: The Ugandan shilling weakened on Friday, undermined by a dip in hard currency inflows from charities in the face of rising demand from commercial banks and offshore players.At 0941 GMT, commercial banks quoted the shilling at 3,355/3,365, weaker than Thursday's close of 3,347/3,357. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

No new dollar-naira trades done on Thursday LAGOS: Nigeria's central bank has not done any new dollar-naira trades on the interbank market on Thursday and did $13.6 million of carryover trades at about the pegged rate of 197.5 naira, an official said.The central bank on Wednesday said it would begin open-market foreign currency trading next week, abandoning its 16-month-old peg against the dollar and setting the stage for the naira to fall sharply.Dealers said they expected no interbank currency market activity until ...

Markets - FXMM - Middle East & Africa

Nigerian banking shares rise 3.3pc ahead of new FX rule LAGOS: Nigerian banking shares rose 3.3 percent in early trades on Wednesday ahead of the announcement of the central bank's new forex policy, aimed at luring foreign investors. Domestic investors snapped up shares in the relatively-liquid banking sector in anticipation that the new policy will help generate additional foreign currency business which had dried up under the pegged currency regime.The central bank last month announced plans to abandon the naira's 15-month peg to the dollar ...

Markets - FXMM - Middle East & Africa

South African rand on shaky ground after current account gap widens JOHANNESBURG: South Africa's rand stayed on the back foot against the dollar early on Wednesday a day after central bank data showed a wider-than-expected current account deficit.By 0711 GMT the rand was at 15.2850 against the greenback, little changed from its New York close at 15.3040 in the previous session.The local currency had fallen as much as 1.5 percent to its weakest in more than a week on Tuesday after the South African Reserve Bank ...

Markets - FXMM - Middle East & Africa

South Africa's rand softer after wider current account deficit, stocks tumble JOHANNESBURG: South Africa's rand lost ground on Tuesday after the current account widened more than expected in the first quarter, raising the likelihood of more interest rates despite the economy creeping toward a recession. On the bourse, stocks tumbled to their lowest level in nearly six weeks, with PPC leading the decliners after the cement maker scraped its dividend. The rand risked weakening further before a rates decision in the United States that has kept ...

Markets - FXMM - Middle East & Africa

South Africa's rand steady, focus on current account data JOHANNESBURG: South Africa's rand steadied early on Tuesday, before the release of current account data later in the day and a Federal Reserve monetary policy meeting this week.At 0648 GMT, the rand traded at 15.1725 per U.S. dollar, largely unchanged from its New York close on Monday."ZAR is likely to be vulnerable to foreign sentiment going into U.S. Fed meeting tomorrow, although large surprise on South African current account data today may provide some momentum," ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms more than 1pc against dollar JOHANNESBURG: South Africa's rand firmed more than one percent against the dollar on Monday as the unit recovered from a sharp fall in the previous week, although traders said the rally would be short lived as uncertainty tamed appetite for the currency. At 1405 GMT the rand had gained to 15.0750 per dollar with some investors reassessing positions ahead of an interest rates decision by the United States central bank later in the week. Copyright ...