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THE Kwacha on Friday came under pressure against the US dollar following the continued waning of supply from exporters.
According to Cavmont Bank Zambia daily market report, the local unit opened trading at K11.010 / K11.030 but was later seen being quoted at K11.060 / K11.080 on interbank.
In the absence of improved inflows, the local currency is likely to come under further pressure in the short term and could breach the K11.100/$1 psychological barrier.
The bank reported that the Kwacha closed at K11.010 / K11.030, K0.03 stronger than Thursday’s closing rate.
On money markets, Cavmont said commercial banks’ aggregate current account balance increased by K8.09 million to K886.18 million while the overnight borrowing and lending rate remained unchanged at 26.25percent. Total funds traded on Interbank were K702.00 million.
Meanwhile, Thursday’s Treasury Bill auction was under-subscribed by 64.49percent, with K287.67 million being bid for out of the K810.00 million which was being offered by the central bank. The yield rates on all tenors increased by an average of 5percent.
On the international scene the bank reported that he price of copper made a dramatic recovery and posted a rise of US$44.50 and the red metal was now selling at US$4,549.50 a tonne.
Similarly the price of gold rose by US$2.28 to push the selling price of the precious metal to US$1,099.22 an ounce.
The bank further reported that the price of Brent crude oil also marginally posted a gain of US$1.14 and the commodity was currently trading at US$34.33 a barrel
The Lusaka Stock Exchange (LuSE) All Share Index dropped by 1.13 percent and registered 5,656.66 points.
ZAMBIA DAILY NATION
Dollar tekantu ifintu ni jesus
most country in the world depend on dollar mostly african country.even if most country’re wrkn wth china the key money is dollar.
But God gave wisdom about how u can manage your affairs.When u are sick u have to go to the hospital seek medication and at the same time you will be praying for the lord’s healing hand.Mind God does not like lazy pipo.So to say you don’t depend on dollar shows shallow mindness. Zambia depends on imports be assorted goods,drags,building materials and so on and so fourth.
u alway call upon dollar than Jehovah God.u wl perish in hell.u r busy exalting the world insteady of the great Kingdom of God.
ifwe ni lesa dollar has nothing g to do with Jesus if you are not carefully you find that you are worshiping dollar
These are real issues to be discussed tribal tok cant put food on the table.
So what?
fredson sinyenga Bokobo Mastur B
True Dewin
True mr ngoma, we av our own dollar the almight God
as a zambian we are nt depending in dollar we depends on God