THE Kwacha on Friday remained relatively stable against most major currencies, according to Cavmont Bank Zambia daily market report.
The bank reported that the local currency was trading at K11.300/11.320 maintaining the previous day’s closing levels.
The market continued to experience a mismatch in supply and demand.
The Kwacha closed at K11.300 / K11.320, K0.02 weaker than Thursday’s closing levels.
On local money markets, Cavmont reported that commercial banks’ aggregate current account balance decreased by K83.32 million to K630.61 million while the overnight borrowing and lending rate increased by 0.07 percent to 26.59 percent. Total funds traded on Interbank were K753.10 million.
Thursday’s Treasury bill auction was under-subscribed by 43.36 percent, only K229.40 million was bid for out of the K405 million which was offered.
Furthermore, the 273 days yield rate increased from 24.99 percent to 27.38 percent.
The Lusaka Stock Exchange (LuSE) all Share Index remained unchanged at 5,553.62 points.
On the international scene copper enjoyed a steady rise of US$40.00 to push the selling price of the red metal at US$4,675.00 a tonne.
The bank further reported that the price of gold too posted a rise of US$13.51 and the precious metal was currently trading at US$1,159.20 an ounce.
The price of Brent crude oil marginally dropped US$00.11 and the commodity was presently selling at US$34.76 a barrel.