Kwacha range bound against the dollar
Written by Millennium on August 2, 2019
SUN BUSINESS REPORTER writes
THE Kwacha closed on the month range bound against the U.S dollar on Wednesday as demand matched supply, according to Cavmont Bank Zambia market report.
The bank reported that the local unit began the day trading at K12.860 / K12.910.
It then briefly touched an intra-day high of K12.800 / K12.900 but was short-lived following an increase in demand on the inter-bank which later saw the currency pair being quoted at K12.875 / 12.925.
Compared to its opening levels of K12.800 /K12.850 at the beginning of the month, the Kwacha depreciated by 0.47 percent.
The commercial banks’ aggregate current account decreased by K193.65 million to K182.23 million while the overnight borrowing and lending rate decreased by 0.01% to 10.37.
Total funds traded on Interbank wasK312 million.
There was bad news from copper whose price fell by $11.00 on the London Metal Exchange (LME) to push the red metals trading price to $5,948 a tonne.
The bank reported that the same fate was suffered by gold whose price went down by US$1.00 and the precious metal was presently selling at US$ 1,428 an ounce.
However the price of Brent crude oil enjoyed a modest rise of $1.07 and the commodity was currently selling at $65.20 a barrel.
The Lusaka Stock Exchange maintained its 4,568.12 points
