Middle East & Africa
Monday, 25 March 2013 14:05
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JOHANNESBURG: South Africa's rand was on a slightly firmer footing against the dollar early on Monday, buoyed by weekend news that a strike at mining firm Exxaro which had threatened coal supply to the state electricity utility has been resolved.The local unit also tracked gains in the euro, which rose after debt-ridden Cyprus secured a 10 billion euro bailout, soothing investors who had dumped risky assets over the crisis.The rand was up 0.2 percent against the dollar at 9.2755 by 0651 GMT compared with Friday's close at 9.2918.Government bonds were also firmer, and yields inversely edged lower, with the 2026 paper shedding two basis points to 7.465 percent.The bond maturing in 2015 was down a basis point at 5.545 percent.The currency has lost more than percent of its value against the greenback since the start of the year, buffeted by a raft of weak economic data and strikes in the ...
KAMPALA: The Ugandan shilling traded flat against the dollar on Friday but could come under short term pressure as companies make dividend payments to foreign owners, traders said.Market players said the investors were also awaiting the outcome of a legal challenge to the result of this month's presidential election in Kenya, Uganda's neighbour and biggest trading partner."Where we are, I think the shilling's strengthening has just about reached the bottom. It's unlikely to move further ...
JOHANNESBURG: South Africa's rand fell to a fresh four-year low against the dollar on Wednesday after the Reserve Bank said it would not intervene to halt a slide in the currency.Government bonds also weakened after data released earlier in the day showed a bigger than expected rise in February consumer inflation.The rand was at 9.2700 to the dollar at 1535 GMT, down 0.2 percent from its close in New York on Tuesday, after hitting a ...
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