WEDNESDAY’S trading session saw the Kwacha maintaining its previous day’s opening levels of K11.000 per dollar amidst subdued market activity.
Cavmont Bank Zambia daily market report showed that the local currency opened Wednesday’s trading session at K11.000 / K11.020 against the dollar.
This meant that the Kwacha maintained its previous day’s opening levels amidst subdued market activity.
According to the bank, the local currency had remained unchanged for the past two weeks despite dollar supply remaining thin.
The Kwacha later closed at K11.010 / K11.030, unchanged from the Tuesday’s closing levels.
On the money market, Cavmont Bank reports that commercial banks’ aggregate current account balance decreased by K5.52 million to K923.78 million.
It further showed that the overnight borrowing and lending rate increased by 0.25 per cent to 26.25 per cent, leaving total funds traded on Interbank at K952.20 million.
Meanwhile, the bank reports that prices of all commodities on the international market have gone down.
According to the report, a tonne of copper was currently trading at $4,609.00, this is after recording a decline of $45.50.
A barrel of Brent crude oil as at Wednesday was trading at $34.92 after registering a decline of $2.29.
Gold price too went down by $4.07 leading to an ounce trading at $1,083.59.