Kwacha remains steady against the dollar

THE Kwacha remained steady against the US dollar on Wednesday despite other emerging market currencies and major convertibles coming under pressure against the world’s reserve currency. According to Cavmont Bank Zambia daily market report, the local unit opened at K9.925/K9.975 and looked close to breaching the K10/$1 level. However, the currency pair traded here for most of the day until the afternoon when it was later being traded at K9.910/ K9.960. The Kwacha closed at K9.900/K9.950, K0.025 stronger than the day’s opening levels. On local money markets, the bank reported that commercial banks’ aggregate current account balance decreased by K64.49 million to K1,166.08 million while the overnight borrowing and lending rate increased by 0.06 percent to 16.64 percent. Total funds traded on Interbank were K96.00 million. Meanwhile, the Lusaka Stock Exchange (LuSE) reported that a total of 7,066 shares worth K18,270 were transacted in 6 trades. According to its daily commentary, a share price gain of K0.01 was posted in CEC. Trading also occurred in AELZ, BATZ, SCZ and ZSUG. The LuSE All Share Index (LASI) closed 4,385.70 points, up by 0.10 percent from the previous close of 4,381.40 points. The market closed on a capitalisation of K 58,427,134,424 including Shoprite Holdings and K 24,187,928,444 excluding Shoprite Holdings. On the international scene, the bank reported that copper price on the London Metal Exchange (LME) went down by $5.00 and the red metal was presently trading at $4,822.50 a tonne. The price of Brent crude oil fell by $0.13 and the commodity was now selling at $52.74 a barrel. The bank further reported that the price of gold post a meagre rise of $0.51 to drive the selling price of the precious metal to $1,255.55 an ounce.