Kwacha still under pressure against the dollar

By Nation Reporter

THE Kwacha continued to come under pressure against the US dollar on Monday as demand outweighed supply.

According to Cavmont Bank Zambia daily market report, the currency pair opened at K10.900 / K10.950 in early trade but was by the afternoon being quoted at K10.950/K11.000.

The Kwacha closed at K10.950 / K11.000, K0.05 weaker from the day’s opening levels.

On money markets, the bank reported that commercial banks’ aggregate current account balance increased by K211.33 million to K523.26 million while the overnight borrowing and lending rate increased by 0.02 percent to 17.57 percent.

Total funds traded on Interbank were K398.10 million.

The Central Bank continued conducting open market operations (OMO) and was looking to reduce market liquidity further by K500 million.  The accepted rate was 14.50 percent.

Meanwhile, the Lusaka Stock Exchange (LuSE) has reported that in three trades recorded yesterday, a total of 3,175 shares were transacted, yielding a market turnover of K17, 578.

According to its daily commentary, a share price gain of K0.06 was posted in MFIN.

Trading was also recorded in AELZ. The LuSE All Share Index (LASI) closed at 4,780.95 points, up by 0.02 percent from the previous close of 4,780.22 points.

The market closed on a capitalisation of K60,373,031,447 including Shoprite Holdings and K26,133,825,467 excluding Shoprite Holdings.

On the international scene, the price of copper continued on its downward slope and on Monday posted a drop of US$26.50 to push the selling price of the red metal to US$4,552.00 a tonne.

The price of gold also maintained the same slope after registering a drop of US$4.55 and the precious metal was now trading at US$1,280.48 an ounce.

Brent crude oil registered a marginal increase of US$ 0.96 and the commodity was now selling at US$ 48.91 a barrel.

Categorized | Business

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