Kwacha still under pressure

THE Kwacha continued to come under pressure on Tuesday on US dollar following a strong surge in dollar demand on interbank.

According to Cavmont Bank Zambia daily market report, the local unit opened at K12.600 / K12.620 and touched a low of K13.185 / K13.205.

However, the Kwacha fought back as it was later seen trading at K12.750 / K12.770 during noon trading following improved dollar supply.

The Kwacha closed at K12.490 / K12.510, 0.72percent stronger than Monday’s closing level.

On local money markets, the bank reported that commercial banks’ aggregate current account balance decreased by K0.35 million to K479.61 million while the overnight borrowing and lending rate decreased by 0.07percent to 24.40percent.

Total funds traded on Interbank stood at K284.90 million.

On the international scene, Cavmont reported that prices for copper, gold, crude oil including the Lusaka Stock Exchange (LuSE) All Share Index suffered a jolt.   The bank reported that price of copper which had for some time been on the downward slope suffered a drop of$105.00 and the ted metal was now selling at $4,686.00 a tonne. The price of gold likewise fell byUS$13.41 to push the selling price to$1,079.64 an ounce while that of Brent crude oil dropped by$0.84 and the commodity was presently trading a $44.05 a barrel.

The bank further reported that the Lusaka Stock Exchange (LuSE) All Share Index dropped by 0.001per cent to post 5,759.62 points