02082016Mon
Last update: Mon, 08 Feb 2016 10am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand weakens on China data, stocks slip JOHANNESBURG: South Africa's rand weakened on Monday, succumbing to a dim domestic and global outlook as it swung back to the wrong side of the psychologically important 16 rand per dollar mark.Stocks kicked off the month on a downbeat tone, taking their cue from major overseas markets on worries about the health of the global economy.By 1545 GMT the rand had slipped 1.1 percent to 16.0620 against the greenback, weighed down early in the session by a sharp contraction in China's manufacturing activity, a signal that demand in the world's no. 2 economy remained subdued.Bonds also floundered as last week's rally, on the back of the rand's push to its firmest in two weeks, petered out, with investors limiting bets ahead of United States employment figures due on Friday.The benchmark 2026 paper added 13 basis points to 9.345 percent.Traders see the rand struggling to hold on to gains against a ...

Markets - FXMM - Middle East & Africa

South Africa's rand weakens on China data, stocks open firmer JOHANNESBURG: South Africa's rand edged weaker against the dollar on Monday as further signs of economic weakness in China and a fall in oil prices kept investors on guard, but traded below the psychological level of 16.00.Stocks climbed, with the blue-chip Top-40 up 0.30 percent and the broader All-Share index up at the same margin.The rand edged down 0.16 percent to 15.9100 per dollar by 0900 GMT, compared with its New York close on Friday.The ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at forex sale, stronger on black market CAIRO: The Egyptian pound held steady against the dollar at an official foreign currency auction on Sunday but strengthened on the black market.Egypt, which depends on imports for its food and energy, is facing a foreign currency crisis and authorities are under increasing pressure to devalue the pound.But the central bank surprised markets when it strengthened the pound by 20 piasters in November and has held it steady ever since.The central bank sold $39.1 million ...

Markets - FXMM - Middle East & Africa

Kenyan shilling flat against the dollar NAIROBI: The Kenyan shilling was steady against the dollar on Thursday, mainly due to weak demand for the US currency.The main share index edged up.At the 1330 GMT close of trading, commercial banks posted the shilling at 102.20/30 per dollar, unchanged from the previous day's close."There's no (dollar) demand in the market," said a trader with a commercial bank.The shilling has been stable this year after weakening 11 percent last year.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at forex sale, falling on black market CAIRO: The Egyptian pound was steady against the dollar at the official foreign currency auction on Thursday but plunged on the black market after the central bank raised a limit on foreign currency deposits at banks.Egypt, which depends on imported food and energy, is facing a foreign currency crisis and increasing pressure to devalue the pound. But the central bank surprised markets when it strengthened the pound by 20 piasters in November and held it ...

Markets - FXMM - Middle East & Africa

South Africa's rand rises on cautious Fed, investors eye SARB rate hike JOHANNESBURG: South Africa's rand firmed on Thursday as investor appetite for emerging markets improved slightly following the U.S. Federal Reserve's decision to keep interest rates on hold, but investors remained cautious ahead of a local rate decision.The Fed kept interest rates unchanged as expected and said the U.S. economy was still on track for moderate growth, offering a bit of respite for emerging market economies.As central banks in some advanced economies move away from the ...

Markets - FXMM - Middle East & Africa

Kenyan shilling strengthens slightly against the dollar NAIROBI: The Kenyan shilling strengthened slightly on Wednesday as demand for dollars remained subdued.At the 1330 GMT close of trading, commercial banks posted the shilling at 102.20/30 per dollar, compared to the previous day's close of 102.25/35."It's marginally stronger on the back of very limited demand today," said a trader with a commercial bank.The shilling has been stable this year after weakening 11 percent last year.Copyright Reuters, 2016 ...