10 June 2012

East Africa: Rwanda Franc Gains Further Against Dollar

Kigali, Rwanda — The Rwanda Franc has continued its gains against the dollar ending the first week of June dealing at 604.53 for a dollar, according to the Central Bank of Rwanda, BNR.

The steady rise has been ongoing since the beginning of May which closed the month dealing at 604.4 for a dollar.

For instance the France was trading at 603.29 for a single dollar but this has persistently gone higher over the weeks with the dollar losing ground.

The ascent of the franc could be attributed to the steady demand for the currency in regional trade as well as BNR's strict macroeconomic policies which have seen the economy stabilize and inflation levels contained just below 7%

Meanwhile, the Rwanda Stock Exchange market went down as Wednesday's trading session with BRALIRWA shares trading at Rwf 357 and 355 then closed at Rwf 355, registering a decrease of Rwf 2 compared to Tuesday's closing price.

BK (Bank of Kigali) shares traded and closed at Rwf 125, unchanged from the previous day's closing price.

KCB and NMG shares last transacted at Rwf 135 and Rwf 1,200 respectively.

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