Kwacha fails to sustain recent gains

FRIDAY’S trading session saw the Kwacha fail to sustain its recent gains against the US dollar after supply of the greenback waned, according to Cavmont Bank Zambia daily market report.
The currency pair opened at K11.530/K11.550 and depreciated by 3.99% to a day’s low of K11.990 / K12.010.
However, the local unit made a recovery and was later seen trading at c K11.650/ K11.670 during noon trading.
The Kwacha closed at K11.780/ K11.800, 2.08percent weaker than Thursday’s closing levels.

On local money markets the bank reported that commercial banks’ aggregate current account balance increased by K4.42 million to K296.18 million while the overnight borrowing and lending rate remained unchanged at 24.40percent.
Total funds traded on Interbank were K296.18 million.
On international market the bank reported that the price copper slightly went up by$36.00 and the red metal was currently selling at$4,637.50 a tonne.
The price of gold also registered a modest increase of US$9.25 and the precious metal was now trading at$1,083.13 an ounce.
Cavmont further reported that the price of Brent crude oil fell by $0.15 and the commodity was now selling at$44.26 a barrel.
The Lusaka Stock Exchange (LuSE) All Share Index remained unchanged at 5,751.76 points.

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