MINIMAL activities arising from most corporates still on industrial break has facilitated the Kwacha to open the year above the K11.000/$ per dollar mark.
According to Cavmont Bank Zambia daily market report, the Kwacha on Monday opened the year trading above the K11.000/$ per dollar mark.
The bank attributed the performance of the Kwacha to minimal activity being seen from most corporates who were still on industrial break.
The currency pair opened at K11.000 / K11.020 on Interbank and was generally unchanged throughout the trading session.
According to the bank, local currency closed at K11.010 / K11.030, K0.01 weaker from the market on Thursday’s closing levels.
This however showed no difference from its closing its 2015 trading above the K11.000 per dollar.
The performance was also due to activity on the market remaining mostly flat.
On the money market, commercial banks’ aggregate current account balance increased by K94.11 million to K 1,139.02 million.
The overnight borrowing and lending rate however increased by 0.10 per cent to 26.10 per cent, making total funds traded on Interbank at K903.50 million.
Meanwhile, the bank reports that copper price which had shown positive increase on the international market recorded a drop.
The recent report shows that the price has gone down by $105.00 making the red metal to trade at $4,630.00 a tonne.
A barrel of Brent crude oil was currently trading at $38.04, this was after the price went up by $1.43 a barrel.
Gold price also recorded an increase of US$10.71 to push the price of the precious metal to $1,073.21.an ounce.