02142016Sun
Last update: Sun, 14 Feb 2016 10am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Ugandan shilling strengthens as tax payments trim dollar demand KAMPALA: The Ugandan shilling firmed on Monday, helped by weakening dollar demand from corporate clients who used some of their local currency holdings to settle mid month tax bills.At 0912 GMT commercial banks quoted the shilling at 3,465/3,475, from Friday's close of 3,475/3,485."Demand for dollars has dropped significantly from corporate clients and commercial banks," said Faisal Bukenya, head of market making at Barclays Bank.Another trader from a leading commercial bank said most clients had used a chunk of their shillings to pay mid month taxes, which explained their absence from the foreign exchange market.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

China's anti-speculation move supports the rand, stocks set to open firmer JOHANNESBURG: South Africa's rand edged up against the dollar in early trade on Monday, after China's central bank stepped up efforts to stabilise the yuan, in its latest attempt to deter offshore speculation in the currency.Stocks were set to open firmer at 0700 GMT, with the Johannesburg Securities Exchange's Top-40 futures index up 0.82 percent.The yuan's slide to a near-five year low earlier this month had stirred renewed concerns about China's economic health and the ...

Markets - FXMM - Middle East & Africa

Kenyan shilling steady, stocks up slightly NAIROBI: Kenya's shilling was steady on Friday and traders said it was expected to ease next week due to increased dollar demand from importers. Stocks rose slightly.At 1330 GMT, commercial banks quoted the shilling at 102.35/45 to the dollar, the same as Thursday's close. The currency has hardly moved this week against the dollar.Traders said they expect the shilling to weaken next week due to demand from importers and manufacturing firms. Demand for dollars tends ...

Markets - FXMM - Middle East & Africa

South African rand recovers after sharp fall, stocks rise JOHANNESBURG: South Africa's rand snapped a six-session losing streak against the dollar on Tuesday, recovering from a hammering at the start of the week triggered by fears about the health of the Chinese economy. Stocks climbed for the second day, driven by financial and healthcare shares after heavy losses last week. At 1450 GMT, the rand traded 2.02 percent firmer at 16.46 per dollar compared with Monday's close. The rand slumped to a record low ...

Markets - FXMM - Middle East & Africa

South African rand plunges as investors fret over economy, politics JOHANNESBURG: South Africa's rand plummeted to a record low on Monday as global concerns about China's economy added to investors' worries about domestic political and economic strains before municipal elections later this year.The rand fell more than 9 percent to 17.9950 against the dollar, by far its weakest level on record, on fears that China wants to weaken its currency aggressively and boost its export competitiveness.The South African unit had recovered somewhat to 16.6500 by ...

Markets - FXMM - Middle East & Africa

Naira at record low on unofficial market after central bank halts dollar sales LAGOS: Nigeria's naira currency was quoted at a record low of 282 per dollar on the unofficial market on Monday after the central bank said it would stop dollar sales to retail bureaux de change (BDC) operators, one trader said.The currency, which is pegged at around 198 to the dollar on the official interbank market, was quoted at 277 in early trades on Monday, before the central bank's announcement. The unofficial market accounts for less ...

Markets - FXMM - Middle East & Africa

Kenya shilling weakens, corporate dollar demand emerges NAIROBI: Kenya's shilling weakened modestly on Monday as demand for dollars emerged from oil firms and manufacturers. Shares also slipped.By the official close at 1330 GMT, commercial banks quoted the shilling at 102.35/45 to the dollar, compared with Friday's close of 102.20/30.Manufacturing and oil firms were seeking dollars after many had stayed out of the market during the end-of-year break, a trader said. "People are cautious because last time we touched these levels we saw ...