Middle East & Africa
Monday, 28 January 2013 18:55
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KAMPALA: The Ugandan shilling held steady against the dollar on Monday, with traders expecting the local currency to be supported by foreign investors participating in this week's Treasury bond auction.
Uganda's central bank is due to sell 100 billion shillings ($37.38 million) worth of 3-year Treasury bonds on Thursday.
At 1125 GMT, commercial banks in Kampala quoted the currency of east Africa's biggest coffee exporter at 2,660/2,670, unchanged from Friday's close.
"There's generally weak demand for dollars in the market which has kept the shilling steady but I anticipate the auction to boost the (dollar) supply side," said Faisal Bukenya, head of market making at Barclays Bank.
"So I see the shilling keeping a stable position."
Some market players say the local currency will take a cue from this month's inflation data due to be released on Thursday.
After cooling for much of 2012, price pressures in east Africa's third-largest economy have started to bubble again ...
JOHANNESBURG: South Africa's currency weakened early on Monday, but remained stronger than the psychological and technical support area of 9 to the dollar, suggesting rand bears will be on the back foot for the session.
Signs that investor confidence was returning to the euro zone, a major trading partner for local manufacturers, propped that region's currency against the dollar, allowing investors to buy into risky-but-higher yielding emerging markets such as South Africa.
The rand was at 8.9650 ...
CAIRO: Egypt's pound weakened against the dollar on Sunday, as street violence and deaths added to the political crisis, extending a steady decline at the central bank's foreign exchange auctions since their launch last month.
One analyst said trading was cautious but not panicked after a weekend of flare-ups across Egypt that killed at least 41 people. Repeated eruptions of violence have weighed heavily on the pound, which has been hitting fresh lows against the dollar.
At ...
CAIRO: Egypt's pound extended losses on Tuesday at a central bank forex auction, leaving it 6.8 percent weaker than when the sales were launched at the end of December to safeguard foreign currency reserves.
The central bank set a cut-off price at the currency sale of 6.6025 pounds to the dollar, and the pound weakened further still to 6.6354 on the interbank market.
The central bank limits trades there to a 0.5 percent band above or below ...
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