THE Kwacha on Thursday posted strong gains against the US dollar following increased dollar supply on Interbank as well as from exporters.
This is according to Cavmont Bank Zambia daily market report which stated that the local unit opened at K11.520 / K11.540 and by noon was seen trading at K10.980 / K11.000 while demand for the greenback remained subdued.
The Kwacha closed at K10.900 / K10.920, 5.38percent stronger than the previous day’s closing levels. On local money markets, Cavmont reported that commercial banks’ aggregate current account balance increased by K78.08 million to K464.94 million while the overnight borrowing and lending rate increased by 0.39percent to 24.79percent.
Total funds traded on Interbank wereK424.60 million.
In the same pattern, the price of copper continued to maintain its upward streak and [posted a gain of $141.00 to push the selling price of the red metal to$4,676.50 a tonne.
The price of Brent crude oil also went up by $0.23 and the commodity was now selling at $45.70 a barrel.
However the price gold suffered a slight jolt of $1.38 to push down the selling price to $1,071.72 an ounce.
The Lusaka Stock Exchange (LuSE) All Share Index remained unchanged at 5,751.76 points.