Kenya, Ghana and Zambia currencies to ease, Tanzania's to firm

NAIROBI, Sept 29 (Reuters) - Kenya, Ghana and Zambia's currencies are expected to come under pressure against the dollar in the next week, while Tanzania's is likely to strengthen. Uganda's shilling is seen holding steady.


Kenya's shilling KES= is expected to weaken, as dollar demand from fuel importers and corporate clients outpaces supply, and with little expectation of central bank support.

Commercial banks quoted the shilling at 120.65/85 per dollar, compared with last Thursday's close of 120.30/50.

The shilling touched a fresh all-time low of 120.70/90 on Thursday, according to Refinitiv data.

"I expect to see a bit more demand as we enter the final quarter as manufacturers make their import orders," a trader said.

"Demand is across the board," said another trader.


Ghana's cedi GHS= is seen under pressure in the coming week as an International Monetary Fund (IMF) team visits the county to assess its debt burden, analysts said.

Refinitiv Eikon data showed the cedi was trading at 10.15 to the dollar on Thursday compared to 10.10 at last Thursday's close. It hit a new low of 10.20 on Tuesday.

"I see downward pressure in the week ahead as the market awaits the announcement from negotiations with the IMF team," said Jerome Kuseh, an analyst and founder of the blog CediTalk.

Fears of a debt restructuring or sovereign default have loomed. But the cedi's losses could be partly offset by a $1.3 billion loan due to be signed by Ghana's Cocoa Board (COCOBOD) on Thursday, said Takudzwa Ndawona, an analyst at ETM Analytics.


Zambia's kwacha ZMW= is likely to remain under mild pressure against the dollar next week due to continued high demand for hard currency amid subdued supply.

On Thursday, commercial banks quoted the currency of Africa's second-largest copper producer down at 15.9200 per dollar from 15.8500 at the close of business a week ago.

"There is likely to be a small depreciation because the kwacha appreciation was largely due to positive sentiment after the IMF approved Zambia's programme," financial analyst Trevor Hambayi said.


Tanzania's shilling TZS= is expected to strengthen, helped by the central bank's push to reduce liquidity in the market.

Commercial banks quoted the shilling at 2,327/2,337 against the dollar on Thursday, the same levels recorded at last Thursday's close.

"The Bank of Tanzania said recently it will continue to gradually reduce liquidity in the market until the end of October to tackle rising inflation," said Kristine Van Helsdingen, a dealer at AZA Finance, a Nairobi-based FX trading firm.

"Following a recent U.S. investors' trip to Tanzania, we expect inflows to strengthen the shilling in the near term," she said.


The Ugandan shilling UGX= is expected to hold steady, drawing some support from typical month-end dollar inflows from the agriculture sector.

Commercial banks quoted the shilling at 3,860/3,870, compared with last Thursday's close of 3,820/3,830.

"There are some flows from coffee, tea and other agricultural shipments which are offering support," said an independent foreign exchange trader in the capital Kampala.

He said the shilling will likely trade in the 3,840-3,870 range in the next week.
Reporting by Hereward Holland, Nuzulack Dausen, Chris Mfula, Cooper Inveen, Christian Akorlie, Elias Biryabarema; Compiled by George Obulutsa and Nellie Peyton; Editing by James Macharia Chege

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。


本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。