THE Kwacha has maintained a tight range against a bullish dollar, remaining relatively stable against the American currency which was expected to strengthen on the back of improved US jobs data.
According to Cavmont Bank Zambia daily market report, the currency pair opened at K6.980 / K7.000; K0.015 softer than the previous day’s opening rate.
The Kwacha closed at K7.000 / K7.020 – K0.02 weaker than the previous day’s closing level.
On money markets, the bank reports that commercial banks’ aggregate current account balance declined by K270 million to K1,102.13 million while the overnight lending rate remained unchanged at 12.50 percent
Total funds traded on Interbank were K231 million.
Thursday’s Treasury Bill auction was generally over-subscribed by 11.19 per cent-K900.60 million was allocated out of K810 million which was on offer.
The yield rates have remained relatively unchanged compared to the previous auction. On the international scene, the bank reports that the price of copper dropped by US$19.25 and is trading at US$5,826.25 a tonne while that of crude oil similary fell marginally by US$0.07 and is now selling at US$60.48 a barrel.
The bank further reports that the price of gold on the international markets fell by US$4.13 and is now trading at US$1,`97.27 an ounce.