The Kwacha opened trading session in the new year above the K6.400/dollar threshold,with the currency pair opening at K6.380/6.420 during early trading.
According to Cavmont Bank Zambia daily market report,the local unit lost further ground together with other major currencies following the continued strengthening of the US dollar as it was later seen trading at K6.420/6.460.
The local unit is likely to remain ﬁrm in the interim despite its current levels owing to weak demand.
On money markets, the bank reports that commercial banks’ aggregate current account balance increased byK381.12 million to K2,447 million while the cost for Interbank borrowing and lending remained unchanged at 12.00 per cent.
Total funds traded on Interbank were K149million.
On the international scene the bank reports that the price of copper fell by US$27.50 to trade at US$6,305.50 per tonne while that of oil dropped to all lows byUS$0.92 to sell at US$52.69 a barrel.
The bank further reports that the price of gold on the international markets rose by US$1.90 top trade at US$1,187.10 an ounce.