Kwacha still subdued due to high dollar demand

TRADING session on Tuesday saw the Kwacha come under further pressure against the US dollar owing to increased demand for the greenback while supply has remained scanty.

According to Cavmont Bank Zambia daily market report, the local unit opened at K10.700 / K10.720 however by noon, the local unit was being quoted at K10.800 / 10.820 on Interbank.

The Kwacha closed at K10.880 / K10.900, 2.26% weaker than Monday’s closing levels.

On local money market, the bank reported that commercial banks’ aggregate current account balance increased further by K131.00 million to K554.69 million while the overnight borrowing and lending rate decreased by 0.01 per cent to 25.18 per cent.

Total funds traded on Interbank were K514.00 million.

On the international scene the bank reported that the price of copper slumped by $42.00 and the red metal was currently trading at $4,560.50 a tonne.

The same was true with gold whose price fell by US$10.60 and the precious metal was now selling at $1,072.53 an ounce.

The bank further reported that the price of Brent crude oil dropped by $1.35 and the commodity was now selling at $41.32 a barrel.

The Lusaka Stock Exchange (LuSE) All Share Index remained unchanged at 5,752.74 points.


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