Kwacha maintains bullish performance against the dollar


THE Kwacha on Friday extended its gains against the US dollar as it appreciated by 5.42percent touching a day’s high of K11.700 / K11.720 from the day’s opening of K12.370 / K12.390.

According to Cavmont Bank Zambia daily market report, the local unit’s bullish performance against the greenback came on the back of increased dollar supply on interbank as a result of tight liquidity in the money markets.

The Kwacha closed at K12.020 / K12.040, 5.06percent stronger than Thursday’s closing level.

On local money markets, the bank reported that commercial banks’ aggregate current account balance decreased further by K312.13 million to K461.15 million while the overnight borrowing and lending rate increased by 5.86percent to 24.49 percent.

Total funds traded on Interbank were K479.00 million.

Meanwhile, Thursday’s Treasury Bill auction was under-subscribed by 60.11percent.

K323.10 million was bid for out of the K810 which was being offered by the central bank.

The 273 day and 364 day yield rates decreased from 21.00 percent and 23.00 percent to remained unchanged

On the international scene, copper price continued on its poor plane dropping by $65.00 to peg its selling price at$4,809.50 a tonne.

The bank further reported that the price of Brent crude oil suffered the same fate as it dropped by$1.06 to post a selling price of US44.55 a barrel.

However there was good news from the gold market as the precious metal recorded an increase of $1.55 and was currently trading at $1,086.82 an ounce.

The Lusaka Stock Exchange (LuSE) All Share Index recorded an increase of 0.07percent with 5,755.72 points.

Categorized | Business

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