Kwacha continues to post some gains


The Kwacha has continued to post some gains against the US dollar as did other currencies following an increase in supply from corporate sellers who were looking to meet monthend obligations.

According to Cavmont Bank Zambia daily market report,the local unit opened at K7.660/K7680 and was mostly flat during the trading session but later appreciated by K0.045 to see it trade atK7.615 /K7.635 during noon trading.

The Kwacha closed at K7.620 / K7.640 and this was K0.04 stronger than Tuesday’s closing rate.

On  local mon ey market, the nak reports that commercial banks’ aggregate current account balance decreased by K67.66 million to K689.20 million while the overnight borrowing and lending rate increased by 0.02percent to14.58percent.

Total funds traded on Interbank wereK346.20million.

On the international market, the bank reports that the price of copper shot up by $58.50 and the red metal was now selling at$5,305.50 a tonne.

The bank reports that the price of gold marginally dropped by $0.25 and the precious metal was now trading at $1,093.99 an ounce.

The price of Brent crude oil too went down  by $0.08 and the commodity is now selling at$53.09 a barrel.

The Lusaka Stock Exchange (LuSE) price index also registered a slight drop of0.02percent and was currebntly standing at 5,846.54.