THE Kwacha posted a mild recovery against the dollar following increased supply on Interbank and corporates who were converting for the local currency to settle monthend obligations.
Cavmont Bank Zambia daily market report says that last Thursday’s trading session saw the Kwacha post a mild recovery against the dollar.
According to the report, the local unit gained K11.370 / K11.390 during noon trading after opening its trading session at K11.390 / K11.410.
The local unit is however expected to remain range bound in the interim, with some resistance being expected above the K11.400/$1 level in the absence of strong dollar demand.
On the money market, the bank reports that commercial banks’ aggregate current account balance increased by K146.96 million to K502.81 million while the overnight borrowing and lending rate decreased by 0.01 percent to 27.52 percent.
Such activity on the money market pushed total funds traded on Interbank to K282.00 million.
Meanwhile, commodity prices on the Lusaka Stock Exchange market (LuSE) have continued to drop including the price of copper.
According to the bank report, a tonne of copper is currently trading at $4,642.00; this is after the commodity registered a decline of $3.00.
Currently, a barrel of Brent crude oil is trading at $32.17 after recording a decline in price by $0.27.