..as bullish dollar continues to batter the Kwacha

Friday’s trading session saw the Kwacha open at K6.590 / K6.610 against the US dollar, K0.03 weaker than the previous day’s opening rate.

According to Cavmont Bank Zambia daily market report the local unit  however managed to reverse earlier losses on the back of dollar inflows from its corporate sellers.

On the international forex market, the greenback remained bullish against a basket of major world currencies after the release of better-than-expected US jobs data and the Kwacha was no exception.

The currency pair closed at K6.560 / K6.580 or K0.03 stronger than the day’s opening rate.

On money market, Cavmont reports that commercial banks’ aggregate current account balance increased by K192.41million to K2,150.89 million while the cost for Interbank borrowing and lending declined by 0.19per cent to12per cent.

Total funds traded on Interbank were K201million.

On the international markets, the bank reports that the price of copper rose marginally by US$0.25 and is now trading at US$5,595.00 a tonne.

The price of oil also shot up my a meagre US$2.03 to strade at US$50.48 a barrel while that of gold fell by US$0.75 and is now selling at US$1,263.55 an ounce.

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