06302016Thu
Last update: Thu, 30 Jun 2016 11am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Tanzania, Uganda shillings to ease, Zambia kwacha to firm  NAIROBI: The Tanzanian and Ugandan shillings are expected to weaken in the week to Thursday, while the Zambian kwacha is expected to gain, traders said.KENYAKenya's shilling is expected to hold steady, with dollar demand from importers and manufacturing companies expected to be countered by prospects of the central bank selling the US currency.At 1201 GMT, commercial banks quoted the shilling at 100.65/75 to the dollar, compared with last Thursday's close of 100.45/65.UGANDAThe Ugandan shilling is forecast to weaken, sapped by a pick-up in dollar purchases by corporate firms in energy sector and banks.At 1031 GMT commercial banks quoted the shilling at 3,350/3,360, weaker than last Thursday's closing of 3,320/3,330.TANZANIAThe Tanzanian shilling could come under pressure in the days ahead, weighed down by a slowdown in dollar inflows and demand for the US currency from oil and manufacturing sectors.Commercial banks quoted the shilling at 2,187/2,197 to the dollar on Thursday, weaker ...

Markets - FXMM - Middle East & Africa

South Africa's rand regains ground after slipping on slowing CPI, stocks up JOHANNESBURG: South Africa's rand regained ground on Wednesday after tumbling more than 2 percent to within a whisker of the 16.00 mark given the declining chance of a rate hike locally and jitters over the Federal Reserve's next move. Stocks closed slightly higher with rand hedge companies benefiting from the weaker currency. At 1645 GMT the rand was 1.15 percent weaker at 15.7400 per dollar, improved from a session low of 15.9050 as pressure on ...

Markets - FXMM - Middle East & Africa

South Africa's rand slips further after April CPI slows JOHANNESBURG: South Africa's rand extended losses to its weakest in more than two months on Wednesday while bonds also suffered after April consumer prices dipped, dampening the chances of a rate hike on Thursday.By 0850 GMT the rand had plunged more than 2 percent to 15.8750 per dollar, its weakest levels since March 16 according to Thomson Reuters data.The unit fell sharply in early trade as the dollar rose on revived expectations of an early ...

Markets - FXMM - Middle East & Africa

South Africa's rand climbs after finmin reacts to reports of his arrest, stocks up JOHANNESBURG: South Africa's rand rallied nearly one percent late on Tuesday after Finance Minister Pravin Gordhan said reports of his imminent arrest amounted to an attack on the Treasury. Metal and mining stocks buoyed the bourse. By 1615 GMT the rand gained 0.8 percent to 15.5300 per dollar, just shy of the session best of 15.4905 it reached after the finance minister's statement.The rand fell to a two-month low on Monday after the report on ...

Markets - FXMM - Middle East & Africa

South African markets dip on report of finance minister's arrest JOHANNESBURG: South Africa's rand hit a two-month low against the dollar and government bonds weakened sharply on Monday after a newspaper report, denied by the government, that Finance Minister Pravin Gordhan faces arrest. The report raised concerns of a repeat of the run on the rand and bonds in December after President Jacob Zuma changed finance ministers twice in a week just as South Africa tries to fend off a credit ratings downgrade. Neither Gordhan ...

Markets - FXMM - Middle East & Africa

South African bonds, rand weaken on finance minister arrest report JOHANNESBURG: South Africa's rand hit a two-month low against the dollar and government bonds weakened sharply on Monday after a newspaper report, denied by the government, that Finance Minister Pravin Gordhan faces arrest.The police and the presidency also dismissed the Sunday Times article, which cited unnamed sources saying Gordhan would be arrested in a case related to the activities of a spy unit formed when he headed the tax revenue agency.But the rand traded at ...

Markets - FXMM - Middle East & Africa

Nigerian naira hits new multi-mth lows vs dollar in NDF market LONDON: Nigeria's naira slipped to its weakest level in months against the dollar in the non-deliverable forward market on Monday as expectations mounted that the central bank would need to soon devalue the currency. One month non-deliverable forwards (NDF) showed the naira trading as high as 221.30 per dollar - its weakest in 16 weeks and a change of 3.5 percent on the day. Three-month NDFs saw the naira slip 4.25 percent to 235 - ...