The Kwacha remained unchanged against the US dollar on Wednesday as the local unit opened K11.240 / K11.260 with minimal activity being seen from most corporates.
The local unit has continued to remain flat despite anticipated month end inflows from exporters.
According to Cavmont Bank Zambia daily market report, the Kwacha was expected to remain range bound in the short term with some resistance being expected above the K11.300/$1 level.
On money markets, the bank reported that all commercial banks’ aggregate current account balance decreased by K189.57 million to K851.78 million while the overnight borrowing and lending rate decreased by 0.08 percent to 26.60percent.
Total funds traded on Interbank were K851.78 million.
The Lusaka Stock Exchange (LuSE) All Share Index dropped by 0.14 percent to register 5,596.49 points.
On the international scene, the bank reported that the price of copper continued to make a steady recovery and on Wednesday posted a rise of US$36.00 to push the selling price of the red metal to US$4,539.00 a tonne.
The price of Brent crude oil also went up by US$0.14 and the commodity was currently selling at US$31.03.
Cavmont further reported that the price of gold went up by US$5.01 and the precious metal was currently trading at US$1,116.90 an ounce.