05032016Tue
Last update: Tue, 03 May 2016 09pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Ugandan shilling unchanged, tax payments keep dollar demand low  KAMPALA: The Ugandan shilling was unchanged on Monday and was seen maintaining stability as most companies concentrate on paying their taxes and stay away from the foreign exchange market.At 1107 GMT, commercial banks quoted the shilling at 3,355/3,365, unchanged from Friday's close."Mid-month tax payments which need to be settled will keep most corporates away from the (foreign exchange) market which I think will maintain the shilling in a stable range," said Shahzadd Kamaluddin, trader at Crane Bank.A market report from Alpha Capital Partners said there was also likely to be some hard currency inflows from "portfolio investors looking to invest in Ugandan government securities," that could offer support to the shilling.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South African rand weakens as appetite for emerging assets wanes JOHANNESBURG: South Africa's rand slipped more than one percent against the dollar as appetite for emerging assets was dented by a firming dollar in cautious trade ahead of the interest rate decision on Thursday. At 0805 GMT the rand weakened 1.05 percent to 15.3815 per dollar.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Egyptian pound stable in official auction, firmer on black market CAIRO: The Egyptian pound held steady at an official auction on Sunday but strengthened on the black market after the central bank last week supplied the market with foreign currency and eased restrictions on dollar deposits and withdrawals. The central bank held the pound steady at 7.7301 pounds per dollar, selling $38.8 million, at Sunday's official auction. On the black market, the pound strengthened to 9.25-9.30 pounds per dollar from 9.60-9.65 pounds on Thursday, three ...

Markets - FXMM - Middle East & Africa

South Africa's rand backtracks, stocks slip JOHANNESBURG: South Africa's rand weakened on Thursday, weighed down by poor economic data, after surrendering brief gains made on the back of the European Central Bank's (ECB) decision to expand its stimulus programme.Stocks also ended slightly lower, with insurer Sanlam topping the decliners' list after it posted a below-average increase in annual profit.By 1545 GMT the rand was 0.7 percent weaker at 15.2955 to the dollar. The unit briefly touched a three-month high against the ...

Markets - FXMM - Middle East & Africa

Egyptian pound stable in official forex auction, firms on black market CAIRO: The Egyptian pound held steady at an official auction on Thursday but firmed on the black market after the central bank eased restrictions on withdrawals and deposits of hard currencies at banks. The central bank held the pound steady at 7.7301 pounds per dollar, selling $38.8 million, at Thursday's official auction. On the black market the pound strengthened to a range of 9.60- 9.65 pounds per dollar from around 9.7 pounds on Tuesday, three ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms to 2-1/2-month high after ECB cuts rates JOHANNESBURG: South Africa's rand rallied to its firmest since December in afternoon trade on Thursday after the European Central bank cut interest rates and stepped up its stimulus program. By 1305 GMT the rand had firmed 1.12 percent to 15.0300 per dollar, its strongest level since Dec. 21. "This means there is more cheap money going around and the risky assets are loving it," said chief currency at Bidvest Bank Ion de Vleeschauwer. Copyright Reuters, ...

Markets - FXMM - Middle East & Africa

South African rand up in EM rally, stocks fall for 2nd day JOHANNESBURG: South Africa's rand climbed nearly 2 percent against the dollar on Wednesday as U.S. wholesale data pointed to restrained growth in the world's biggest economy, boosting appetite for emerging market currencies.Stocks slipped for a second day as investors took profits in the resources and banking sectors amid nagging concerns over key commodity consumer China's growth outlook.The rand hit a session high of 15.1780 per dollar, its strongest in more than two weeks, and was ...