THE Kwacha on Tuesday closed at K7.865 / K7.885 – K0.055 weaker than its opening levels, according to Cavmont Bank Zambia daily market report.
It says on Tuesday the Kwacha opened steadily against the world’s reserve currency at K7.810 / K7.830, and was K0.005 stronger compared to Monday’s closing levels.
Market activity was rather subdued especially from buyers as most of them continued tradingthe currency pair cautiously. On Money markets, the bank reports that commercial banks’ aggregate current account balance increased by K317.98 million to K1,039.47 million while the overnight borrowing and lending rate decreased further by 0.07per cent to 14.63percent. Total funds traded on Interbank were K131.90million On international markets, the bank reports that the price of copper fell by $60.00 and currentloy the the red metal is selling at $5,545.00 a tonne.
The bank further states that the price of gold shot up by $2.53 during the period under review and the precius metal is now trading at $1,155.38 an ounce.
The bank further reports that the price of Brent crude slightly slumped by $0.05 and the commodity is now selling at $57.53 a barrel