02132016Sat
Last update: Sat, 13 Feb 2016 09am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South African rand hits record low as confidence drains away JOHANNESBURG: The South African rand hit new record lows against the dollar on Monday, reflecting the country's growing economic crisis as commodity prices fall, growth slows and investors lose confidence.China's slowdown badly impacted African mining exporters in 2015, and concerns over the Chinese economy have triggered further damage to emerging nations already this year.The rand plunged as much as nine percent on Monday morning, the most since October 2008, to 17.91 per dollar, before making a partial recovery.Last year, the currency fell 25 percent against the dollar, dipping sharply in December when President Jacob Zuma fired his respected finance minister and then ousted the new minister four days later.Business confidence has dropped to the lowest level since before Nelson Mandela came in power in 1994, according to an index released last week by the South African Chamber of Commerce and Industry.The central bank will meet later this month, with an ...

Markets - FXMM - Middle East & Africa

Saudi currency stable: monetary chief RIYADH: Saudi Arabia on Monday said its currency was stable despite volatility in the futures market as the kingdom takes unprecedented measures to deal with low oil prices.The Saudi riyal will remain pegged at 3.75 to one US dollar, said the Governor of the Saudi Arabian Monetary Agency, Fahad bin Abdullah al-Mubarak, according to the Saudi Press Agency.The currency is "backed by a full range of monetary policy instruments, including foreign exchange reserves," he said."The ...

Markets - FXMM - Middle East & Africa

South African rand hits all-time low, shares fall in emerging market sell-off JOHANNESBURG: The South African rand fell to a record low against the dollar on Thursday, despite a generally weaker greenback, and stocks dropped more than 2 percent as renewed concerns about China's economy spurred an emerging markets sell-off.The fall in the currency largely reflected a retreat in broader emerging currencies as China accelerated the yuan's depreciation, heightening concerns over the world's second-largest economy.The rand was also victim to South Africa's weak economic fundamentals, with data ...

Markets - FXMM - Middle East & Africa

Kenyan shilling inches up, main share index down NAIROBI: The Kenyan shilling edged up on Thursday, benefiting from the drop in the price of oil and the East African nation's partial insulation from the commodities rout.The main share index inched down.At the 1330 GMT close of trade, commercial banks quoted the shilling at 102.15/25 to the dollar, compared with Wednesday's close of 102.20/30.The shilling was one of the least volatile emerging market currencies last year and it has inched up this year due ...

Markets - FXMM - Middle East & Africa

Saudi riyal falls near to record low in 1-year forwards market DUBAI: The Saudi Arabian riyal fell near to a record low aginst the US dollar in the one-year forwards market on Thursday in response to a fresh slide in oil prices. One-year dollar/riyal forwards climbed as high as 825 points in very volatile trade. Their record high is 850 points, recorded during a previous bout of speculation against the riyal in 1999, according to Thomson Reuters data. A level of 825 points implies a depreciation ...

Markets - FXMM - Middle East & Africa

South African rand breaches 16.0000 in emerging market sell-off JOHANNESBURG: South Africa's rand fell nearly 1 percent against the dollar on Thursday, sliding towards December's record lows as renewed concerns about China's economy spurred an emerging market sell-off. The rand was also victim to South Africa's weak economic fundamentals, with a survey this week showing private sector activity shrank at a faster pace in December, with output dropping.At 0704 GMT, the rand traded at 15.9555 to the greenback, down 0.65 percent from Wednesday's close ...

Markets - FXMM - Middle East & Africa

Ugandan shilling stable, demand from energy importers eyed KAMPALA: The Ugandan shilling was little changed on Wednesday and traders said demand for dollars by energy importers could determine the direction of the currency in the next few days. At 0923 GMT, commercial banks quoted the shilling at 3,385/3,395, barely changed from Tuesday's close of 3,380/3,390. "There's (dollar) demand from energy sector firms although they are buying in small quantities," said Faisal Bukenya, head of market making at Barclays Bank. Bukenya said there was ...