Kwacha touches new intra-day high against the dollar

 

By Nation Reporter

 

THE Kwacha touched a new intra-day high of K9.650 / K9.700 after receiving further support from sellers who continued converting dollars to settle month end obligations.

However, the local currency failed to sustain its gains as demand outweighed supply and this later saw it trading at K9.750 / K9.800.

According to Cavmont Bank Zambia daily market report, the Kwacha was expected to remain range bound in the short term, with a likely bias towards further gains as demand remains weak.

On local money markets, Cavmont reported that commercial banks’ aggregate current account balance increased by K20.92 million to K1,114.28 million while the overnight borrowing and lending rate increased by 0.02 percent to 16.46 percent.

Total funds traded on Interbank were K290.50 million.

The Lusaka Stock Exchange (LuSE) All Share Index went up by 0.01 percent to register 4,368.59 points.

On the international scene, copper price made a modest recovery on the London Metal Exchange (LME) after it posted a gain of US$45.00 to drive the selling price of the red metal to US$4,778.00 a tonne.

But gold price suffered a small jolt of US$4.92 which pushed the trading price of the precious metal to US$1,266.77 an ounce.

The bank further reported that the price of Brent crude oil negligibly rose by US$0.39 and the commodity was presently selling at US$50.43 a barrel.

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