FX | - Part 6

Kenyan shilling hits new three-year low, more losses seen

NAIROBI (Reuters) – Kenya’s shilling weakened on Monday 11th May, with banks covering short dollar positions and traders said they expected the local currency seen easing even further. At 0802 GMT, commercial banks quoted the shilling at 95.80/90 to the dollar, a new low last seen in November 2011, compared with Friday’s close of 95.40/50. “Banks are covering short positions that they accumulated over the weekend. It’s trading with caution,” Chris Muiga, a senior trader…

Kenyan shilling softens to new 3-year low, stocks rise

Posted on by The Editorial Team

NAIROBI (Reuters) – The Kenyan shilling softened to a three-year low on Thursday due to strong dollar demand by companies seeking to settle their bills at the end of the month, traders said. At close of trade, commercial banks quoted the shilling at 94.60/70 to the dollar, from Wednesday’s close of 94.55/65.The shilling weakened to 94.75/85 in intraday trade, lows last seen in November 2011, before recovering amid concerns the central bank may intervene and…

Tanzanian finmin says shilling to stabilise on loan inflows

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Tanzania’s shilling is expected to stabilise in the next few days after it broke through a series of record lows against the dollar, the finance minister said. The shilling has lost 15 percent of its value against the greenback this year, mainly due to a firmer dollar and lower prices of gold in global markets. The currency of east Africa’s second largest economy traded the shilling at 1,988/1,998 per dollar…

South Africa’s rand recovers as soft U.S. data weighs on dollar

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand strengthened against the dollar on Thursday as soft U.S. housing and jobs data weighed on the dollar, adding uncertainty over the timing of a rate rise from the Federal Reserve. At 1530 GMT, the rand was trading 0.61 percent firmer at 11.9925 to the dollar, compared with an overnight close of 12.0320 in New York. “The U.S. data is very soft, so thatâ€™s supporting the trend of slight bearing…

Kenyan shilling stays at 3-year-lows, central bank action eyed

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling was hovering at three-year lows on Wednesday but avoiding a further slide due to expectations that the central bank could offer support by selling dollars. At 0800 GMT commercial banks quoted the shilling at 93.35/45 to the dollar, compared with 90.30/50 to the dollar at Tuesday’s close – a level last seen in November 2011. “Fundamentally, it looks weak. What’s keeping it from weakening further is the probability of the…

Morocco reduces euro’s weighting in its currency basket

Posted on by The Editorial Team

RABAT, April 13 (Reuters) – Morocco’s central bank has reduced the euro’s weighting in the currency basket used to set the dirham’s exchange rate, to reflect a fall in trade with the euro zone, it said on Monday. It is the first time in a decade that the bank has changed the basket’s weighting, aiming to make its currency regime more flexible, as recommended by the International Monetary Fund. The dirham is still mostly pegged…

South Africa’s rand, govt bonds weaker on dollar pressures

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand gave up its gains against the dollar on Friday, as the greenback strengthened with jobless claims data easing concern over the state of the U.S. economy. At 1448 GMT the rand was trading 0.32 percent softer at 11.9885 to the dollar compared with its closing level on Thursday. The rand hit an intraday low of 12.0580/dollar during the session, its weakest level since April 1. “It’s all dollar driven…

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