Kwacha suffers further pressure against the dollar


THE Kwacha came under further pressure against the US dollar on Monday as it fell by 3.19percent in early trade touching an intra-day low of K12.300 / K12.320 from the day’s opening of K11.920 / K11.940.

According to Cavmont Bank Zambia daily market report the local currency’s weakness followed in tandem with other emerging market currencies which also traded on the back foot against the greenback coupled with strong dollar demand on interbank.

he Kwacha closed at K11.980 / K12.000, 0.50percent weaker than Friday’s closing position. The local unit managed to recoup most of its earlier loses.

On local money markets the bank reports that commercial banks’ aggregate current account balance decreased further by K29.07  million to K1,265.59 million per cent to 14.80percent.

Total funds traded on Interbank were K83.50 million.

On the international scene the bank reports the price of copper suffered a jolt and fell by$32.50 to trade at$5,252.00 a tonne.

Similarly, the price of gold slipped down by$7.55 and the precious metal was currently selling at$1,172.92 an ounce.

The bank further reports that  the price of Brent crude oil  marginally went down by $0.47 and the commodity was now trading at$49.70 a barrel.

It  has also reported that the Lusaka Stock Exchange (LuSE) All Share Index dropped by 0.06percent to0 register5,786.14 points.


Categorized | Business

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