Kwacha set for a disappointing performance

 

By Nation Reporter

THE Kwacha looked set for another disappointing performance against the US dollar on Monday as it opened at K10.200 / K10.250.

However, the local unit managed to make a remarkable come-back after increased supply from exporters and sellers, which later saw the currency pair being quoted at K10.100 / K10.150 by noon on the interbank.

The Kwacha closed at K10.050 / K10.100, K0.15 stronger than the day’s opening rate.

On  money markets, the bank reported  that commercial banks’ aggregate current account balance decreased by K113.97 million to K890.25 million while the overnight borrowing and lending rate decreased by 0.42percent to 17.12 percent.

Total funds traded on the Interbank were K236.40 million.

The Central Bank was still conducting Open Market Operations (OMO) and was looking forward to reduce market liquidity by K500 million.

Accepted rates were averaging 5.95 percent, 13.85 percent and 16.75 percent on 1 day, 7days and 14 days term deposits respectively.

The Lusaka Stock Exchange (LuSE) All Share Index dropped by 0.27 percent to register 4,329.71 points.

On the international scene, the bank reported that the price of copper maintained its steady rise and on Monday, it went up by US$3.50 to drive the selling price of the red metal to US$4,767.50 a tonne.

Similarly, the price of Brent crude oil marginally shot up by US$0.58 and the commodity was presently selling at US$46.34 a barrel.

Gold too enjoyed a modest rise in price of US$2.52 to push the selling price of the precious metal to US$1,314.22 an ounce.

Categorized | Business

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