Kwacha in positive range against the dollar


By Nation Reporter

TUESDAY’S trading session saw the Kwacha maintain its positive run against the US dollar as it received further support from exporters and corporate sellers.

According to Cavmont Bank Zambia daily market report, the local currency touched an intra-day high of K9.870 / K9.920 compared to the day’s opening levels of K10.050 / K10.100.

The Kwacha closed at K9.900 / K9.950, K0.15 stronger than the day’s opening levels and is likely to remain bullish in the short term should supply continue to outweigh demand.

Commercial banks’ aggregate current account balance decreased by K47.89 million to K842.36 million while the overnight borrowing and lending rate decreased by 0.52 percent to 16.60 percent.

Total funds traded on Interbank were K166.70 million.

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

Accepted rates were averaging 6.1 percent and 14.25 percent and 16.75 percent on 1 day, 7 days and 14 days term deposits respectively.

The Lusaka Stock Exchange (LuSE) All Share Index dropped by o.o8 percent to post 4,326.17 points.

On the international scene, the bank reported that the price of copper dropped by US$8.50 to push the selling price of the red metal to US$4,759.00 a tonne on the London Metal Exchange (LME).

The same fate was suffered by Brent crude oil whose price dropped by US$0.82 and the commodity was currently trading at US$45.52 a barrel.

Gold on the other hand enjoyed a negligible rise of US$0.04 to drive the selling price of precious metal to US$1,314.17 an ounce.

Categorized | Business

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