KWACHA UNDER PRESSURE AGAINST THE DOLLAR
Written by Millennium on September 7, 2019
SUN BUSINESS REPORTER writes@SunZambian
THE Kwacha came under some slight pressure against the U.S dollar on Thursday as supply waned from sellers, according to Cavmont Bank Zambia daily market report.
The local unit began the day trading at K13.070 / K13.120 but was later seen being quoted at K13.120 / K13.170 by noon.
It said that the Kwacha’s performance contrasted that of other emerging markets like the South African Rand (ZAR) which made further gains against the U.S dollar to an intra-day high of $1/ZAR14.7379.
On money markets, the bank reported that commercial banks’ aggregate current account increased by K105.67 million to K1,522.61 million while the overnight borrowing and lending rate increased by 0.18% to 11.38.
Total funds traded on Interbank were K285 million
On international commodity markers, Cavmont report that the price of copper rose by $264.00 to push the trading price of the red metal to US$5,832 a tonne on the London Metal Exchange (LME)
The same was true for Brent crude oil whose price rose by $3.92 and the commodity was currently selling at US$61.3 a barrel.
The bank however reported that the price of gold fell by US$5.00 during the same current period under review.
The precious metal was currently trading at US$1,532 an ounce while Lusaka Stock Exchange points remained at 4,427.56
