Kwacha still hard-wearing against the dollar

DESPITE political uncertainty, the Kwacha on Thursday continued with its positive performance against the US dollar after receiving further support from sellers.

According to Cavmont Bank Zambia daily market report, the local unit opened trading at K9.950 / K10.000 and later broke below the K9.900/$1 barrier to trade at K9.850 /K9.900.

Elsewhere, the U.S. Federal Reserve indicated another dovish tone regarding the raising of interest rates which caused the US dollar to fall against major convertibles.

The Kwacha closed at K9.880 / K9.930, 0.70 percent stronger than the day’s opening levels.

Commercial banks’ aggregate current account balance increased by K17.36 million to K699.71 million while the overnight borrowing and lending rate decreased by 0.15 percent to 18.25 percent.

Total funds traded on Interbank were K482.50 million.

The Lusaka Stock Exchange (LuSE) All Share Index (LASI) fell by 1.88 percent to register 4,5o4.83 points.

On the international scene the price of copper on the London Metal Exchange (LME) went up by US$72.50 to drive the price of the red metal to US$4,841.50 a tonne.

The bank reported that the same fortune befell the gold price which went up by US$6.76 to push the trading price of the precious metal to US$1,349.41 an ounce.

Cavmont further reported that the price of Brent crude oil too marginally rose by US$0.97 to sell at US$49.77 a barrel.

Categorized | Business

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