Kwacha exhibits some volatility


THE Kwacha on Friday exhibited some volatility as it continued swinging between gains and losses despite weak demand from most importers.

According to Cavmont Bank Zambia daily market report, the local unit opened at K12.120 / 12.140 and depreciated by 0.37 percent in early trade, touching lows of K12.165 / K12.185.

However, afternoon trading saw the local unit appreciate to K12.030 / K12.050 on the bid and offer respectively.

The Kwacha closed at K12.100 / K12.120, 0.33 percent weaker than Thursday’s closing level of K12.060 / K12.080.

On the local money markets, the bank reported that commercial banks’ aggregate current account balance increased by K286.57 million to K723.19 million while the overnight borrowing and lending rate remained unchanged at 14.90 percent.

Total funds traded on Interbank were K339.50 million.

On the international scene the bank reported that copper price continued to show signs of recovery and posted a rise of $63.50, to push the red metal’s trading price to $5,288.50 a tonne.

The bank further reported that the price of gold also went up by $11.50 and the precious metal was now selling at $1,178.45 an ounce.

The price of Brent crude oil slightly rose by $0.10 and the commodity was now selling at $48.43 a barrel.

There was no movement in Lusaka Stock Exchange (LuSE) All Share Index which remained at 5,775.19 points.

Categorized | Business

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