The Kwacha came under pressure against the US dollar on Tuesday as it began trading at K11.315 / K11.335 from Monday’s closing level of K11.280/K11.300 owing to scanty inflows from exporters.
According to Cavmont Bank Zambia daily market report, the local unit, however, managed to hold on to its opening levels until the close of the market.
In short the local unit is likely to post some modest gains as sellers convert to settle mid-month statutory obligations.
On money markets, the bank reported that commercial banks’ aggregate current account balance increased by K43.30 million to K717.03 million while the overnight borrowing and lending rate decreased by 0.04 percent to 26.75 percent.
Total funds traded on Interbank were K664.50 million.
The Lusaka Stock Exchange (LuSE) All Share Index has not moved and remains at 5,553.62 points. On the international scene the bank reported that the price of copper suffered a jolt as it dropped by US$32.50 and the red metal was now selling at US$4,574.00 a tonne. The bank further reported that to the contrary, the price of gold enjoyed a modest climb of US$7.00 to push the selling price to US$1,189.61 an ounce.
Brent crude oil also enjoyed a marginal rise of US$1.10 and the commodity was trading at US$33.40 a barrel.