01192017Thu
Last update: Thu, 19 Jan 2017 05am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South African rand edges higher in thin trade, stocks slide JOHANNESBURG: South Africa's rand traded firmer on Wednesday, tracking a stronger euro in low volume trade and as investors closed positions ahead of year-end. Stocks inched lower as the anticipation of faster than expected rate hikes in the United States following last week's increase continued to weigh. At 1500 GMT the rand traded 0.3 percent firmer to 13.9525 per dollar, adding to the previous session's gains to move closer to short term resistance level at 13.90 that could see the rally continue. Traders and analysts have however cautioned that thin volumes in the final trading days of 2016 might exaggerate the currency's moves. The rand, along with other emerging market currencies, also benefited from a weaker dollar as investors cashed-in profits on the rally that has seen the greenback rack up 4.5 percent in the 1-1/2 months since Donald Trump clinched a presidential poll. Bonds barely budged from the previous ...

Markets - FXMM - Middle East & Africa

Ugandan shilling stable on inflows from charities, commodity exporters KAMPALA: The Ugandan shilling was stable on Monday, helped by hard currency inflows from non-governmental organisations and commodity exporters. At 1140 GMT commercial banks in the capital Kampala quoted the shilling at 3,585/3,595, unchanged from Friday's close. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Egypt's pound weakens to almost 19 per dollar as banks seek dollar flows CAIRO: The Egyptian pound weakened on Wednesday as banks paid more to buy dollars from clients in an effort to attract dollar liquidity into the banking system, but volumes remain low. The dollar was being sold for almost 19 pounds per dollar on Wednesday, strengthening from around 18.4 earlier in the day. Banks are now buying dollars from clients at rates ranging from 18.2 per dollar to 18.89 per dollar. "There is not enough dollar ...

Markets - FXMM - Middle East & Africa

Kenyan shilling seen under pressure from company dollar demand NAIROBI: The Kenyan shilling was steady on Thursday, but was seen under weakening pressure due to dollar demand from companies, traders said.At 1100 GMT, commercial banks quoted the shilling at 101.85/102.05 to the dollar, the same as Wednesday's close. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa JOHANNESBURG: South Africa's rand rallied for a fourth consecutive session on Wednesday, lifted by improved demand for riskier currencies globally as investors bet the European Central Bank (ECB) would extend its bond-buying programme. Stocks ended higher, helping the main index bounce back from its lowest level in nearly 10 months with Steinhoff in demand after the retailer lifted its quarterly operating profit.  By 1530 GMT the rand had gained 1.33 percent to 13.4875 per dollar, breaking through the crucial technical barrier of 13.5000 ...

Markets - FXMM - Middle East & Africa

Egypt, China sign currency swap deal   CAIRO: The Egyptian and Chinese central banks on Tuesday signed an 18-billion-yuan ($2.6-billion) currency swap agreement which would ease pressure on Cairo's foreign reserves, Egypt's central bank said.Under the deal, Egypt can use the yuan in transactions with China which can use the Egyptian pound in return transactions, Hany Farahat, senior economist at investment bank CI Capital, told AFP."It's as if you have limited transactions between the two countries to the two local currencies, so there is no need to resort to any ...

Markets - FXMM - Middle East & Africa

South Africa JOHANNESBURG: South Africa's rand rallied to its firmest in nearly a month on Tuesday, brushing off a poor economic growth print as a weaker dollar and bets on improvement in commodity prices boosted appetite for emerging currencies.  Stocks ended lower in a broad-based sell-off that sent the benchmark index to its lowest level in nearly 10 months as weaker metal prices pressured heavily weighted mining shares.  By 1530 GMT the rand had strengthened 0.84 percent to 13.6150 per dollar, its ...