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LUSAKA, Sept 10 (Reuters) – Zambia and Nigeria’s currencies are expected to come under pressure versus the greenback in the coming week as Uganda and Tanzania’s hold steady.
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The kwacha is most likely to stay under pressure against the U.S. dollar next week as a shortage of hard cash driven by farming and energy sector imports persists.
On Thursday, commercial banks quoted the currency of Africa’s second largest copper manufacturer at 19.7500 per dollar from a close of 19.5610 a week ago.
” The federal government is importing farming inputs like fertilizer in addition to crude oil to feed Indeni,” financial expert Chibamba Kanyama of the brokerage Bridges said, describing the local refinery.
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Nigeria’s naira is seen relieving on the black market in the week ahead as pressure develops on the currency, in spite of the central bank’s efforts to clear backlog demand, traders said.
The naira was priced quote at 445 per dollar on the informal market on Thursday, compromising from 435 it reached last week after the reserve bank resumed Forex (Click Here For Best Forex Techniques) sales to investors stuck in the country following a coronavirus-induced oil price collapse.
The currency traded at 386.57 on the non-prescription area market on volumes in excess of $40 million.
Volumes on the area market, extensively priced quote by financiers and importers, had been decreasing daily, following the lack of foreign inflows and inadequate reserve bank interventions.
Oil rates dipped on Thursday although the Brent standard stayed above $40 a barrel. Dollar lacks have plagued the nation for months after sharp falls in the price of oil, Nigeria’s primary export.
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The Ugandan shilling is seen keeping in a stable range in the coming days as preparations by firms to pay mid-month taxes suppress need for dollars.
Business banks estimated the shilling at 3,700/ 3,710, compared with last Thursday’s close of 3,680/ 3,690 The shilling is anticipated to sell the 3,685 -3,710 variety in coming days.
” I would expect activity by corporates on the need side will be quite thin minding mid-month tax obligations are around the corner,” said a trader from one business bank.
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Tanzania’s shilling is anticipated to hold steady as dollar need from producers and oil importers matches inflows from agricultural exports.
Commercial banks priced estimate the shilling at 2,315/ 2,325, the same level as last Thursday’s close.
” We anticipate the shilling remaining steady in the coming week as a boost in manufacturing and oil importers’ dollar demand is balanced by continued agricultural inflows,” Terry Karanja, a treasury associate from AZA, a Nairobi-based Forex (Click Here For Best Forex Techniques) trading firm said.
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The Kenyan shilling, which was trading at 108.35/55 on Thursday, is anticipated to take its cue from the reserve bank in the week ahead.
” It just comes down to the central bank. If they were to come and offer (dollars), it would reinforce,” stated a currency trader at an industrial bank.
The shilling closed last Thursday’s trade at 108.25/45 per dollar.
Traders said next week’s auction of 50 billion shillings worth of federal government bonds was not likely to move the marketplace, given that offshore investors typically prefer to take part in the auctions of infrastructure bonds, instead of ordinary ones. (Reporting by Chris Mfula, Chijioke Ohuocha, Elias Biryabarema, Nuzulack Dausen and Duncan Miriri; Compiled by Chris Mfula; Modifying by Steve Orlofsky)
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