Kwacha maintains stability against the dollar

THE Kwacha was largely unmoved against the US dollar on Monday as market was mostly subdued from both exporters and importers. According to Cavmont Bank Zambia daily market report, the local unit opened at K9.900 / K9.950 and traded at this level for most of the day until close of the market. In comparison to other major currencies, the Kwacha has remained resilient given the recent appreciation of the US dollar globally. The Kwacha closed at K9.900 / K9.950, unchanged from the day’s opening levels. Commercial banks’ aggregate current account balance decreased by K37.76 million to K1, 254.50 million while the overnight borrowing and lending rate decreased by 0.12 percent to 16.51 percent. Total funds traded on Interbank were K210.00 million. The Lusaka Stock Exchange (LuSE) All Share Index remained unchanged at 4,368.59 points. On the international scene, the price of copper remained depressed as it fell by further by US$7.00 to drive the selling price of the red metal to US$4,695.50 a tonne. The price of Brent crude oil made a marginal recovery of US$1.21 and the commodity was currently selling at US$52.17 a barrel. The bank further reported that the price of gold suffered a small shock of US$1.95 to push the metal’s selling price to US$1,254.00 an ounce.