Kwacha continues on downward trend


THE Kwacha on Tuesday continued its downward trend against the US dollar, depreciating by 5.80percent, from the day’s opening rate of K13.705 / K13.725 to trade at record lows of K14.500 / K14.520 following the waning of dollar supply from exporters.

This is according to Cavmont Bank Zambia daily market which has however reported that the local unit made a recovery during the afternoon session and was later seen trading at K13.900 / K13.920.

The Kwacha closed at K13.890 / K13.910, 1.46percent weaker than Monday’s closing levels.

On local money markers, the bank reported that commercial banks’ aggregate current account balance increased further by K225.23 million to K1, 090.71 million while the overnight borrowing and lending rate decreased by 0.10percent to 17.28percentTotal funds traded on Interbank were K365.30 million.

On the international scene the bank reported that the price of copper has continued on its downward trend and Tuesday posted a fall of$1.50 and the red metal was currently selling at$4,972.00 a tonne.

It was the same case with good whose price fell by US0.35 and the metal was now trading at$1,093.15 an ounce. The bank further reported a fall in the price of Brent crude oil by$1.04 and the commodity was currently selling at$47.14 a barrel

The Lusaka Stock Exchange (LuSE) All Share Index grew up by 0.07percent to post5,759.79 points.