THE Kwacha opened steady against the US dollar on Tuesday at K11.315 / 11.335 while most players traded the currency pair cautiously, says Cavmont Bank Zambia daily market report,
The bank reported that the local unit was being quoted at K11.330 / K11.350 on interbank following a slight pickup in dollar demand by noon.
It reported that the market closed at K11.320 / K11.340, a movement of K0.005 from the day’s opening rate.
On the money market, the bank reported that commercial banks’ aggregate current account balance decreased by K51.76million to K665.27 million while the overnight borrowing and lending rate increased by 0.09 percent to 26.84 percent.
This therefore made total funds traded on Interbank to stand at K649.50million.
According to the report, all commodity prices on the international scene registered a decline.
Zambia’s most dependable commodity for foreign exchange, copper recorded a decline in price of $98.50, making the red metal trade at $4,475.50 a tonne
A barrel of Brent Crude oil is trading at $30.85 after the price went down by $2.55.
On the other hand, an ounce of gold was currently selling at $1,182.16 after recording a decline of $7.45.
The bank therefore reports that trading at the Lusaka Stock Exchange (LuSE) All Share Index also declined by 0.002 percent to register 5,553.50 points.