Kwacha remains range-bound against the dollar

THE Kwacha on Wednesday remained range-bound against the US dollar with minimal activity being seen from most market participants.

According to Cavmont Bank Zambia daily market report, the local unit opened at K10.350 / K10.370 on interbank and traded at this level for most session until close of the market.

The Kwacha closed at K10.350 / K10.370, remaining unchanged from the previous day’s closing levels.

The bank further reported that on local money markets, commercial banks’ aggregate current account balance increased further by K90.29 million to K729.38 million while the overnight borrowing and lending rate increased by 0.01 per cent to 25.12 per cent.

Total funds traded on Interbank were K249.40 million.

Cavmont reported that the price of copper marginally rose by $2.00 and the red metal was now selling at $4,599.00 a tonne.

But the price of gold suffered a slight jolt of US$ 2.15 and the precious metal was currently trading at $1,067.74 an ounce.

Brent crude oil suffered the same fate as its price fell by $0.81 and the commodity was now selling at $43.94 a barrel.

The Lusaka Stock Exchange (LuSE) All Share Index grew by 0.24 per cent to register 5,752.74 points.