THE Kwacha on Wednesday posted more gains against the US dollar as the currency pair received further support from improved supply on the market while demand remained largely subdued.
According to Cavmont Bank Zambia daily market report, the Kwacha opened at K11.650 / K11.670 and was unchanged for most of the trading session before making positive strides to trade below the K11.600/$1 barrier.
The Kwacha closed at K11.520 / K11.540, 1.24 per cent stronger than Tuesday’s closing levels.
On money markets the bank reported that commercial banks’ aggregate current account balance decreased by K154 million to K386.86 million while the overnight borrowing and lending rate remained unchanged at 24.40 per cent. Total funds traded on Interbank were K4.70 million.
On international scene, the bank reported that the price of copper continued on its recovery path and posted a rise of $31.00 and the red metal was currently trading at $4,535.50 a tonne.
The bank further reported the price of gold suffered a minor jolt of US$0.17 and the precious metal was selling at $1,073.10 an ounce.
The price of Brent crude oil however marginally shot up by $0.07 and the commodity was now selling at US$45.47 a barrel.
The Lusaka Stock Exchange (LuSE) All Share Index went up by 0.07 per cent to register 5,751.76 points.