Kwacha oscillates against the dollar

THE Kwacha continued oscillating between losses and gains against the US dollar, as it touched a low of K9.850 / K9.900 during intra-day trading after opening at K9.750 / K9.800. According to Cavmont Bank Zambia daily market report, demand and supply factors have been the main drivers of the local unit’s performance, with market sentiment and other fundamentals playing a minor role. The Kwacha closed at K9.760 / K9.810, remaining largely unchanged from the day’s opening levels. On local money markets, commercial banks’ aggregate current account balance decreased by K227.21 million to K1, 748.45 million while the overnight borrowing and lending rate remained unchanged at 16.60 percent. Total funds traded on Interbank were K110.50 million. On the international market scene, the bank reported that copper price continued on its recovery path and on Wednesday posted a gain of US$5.50 to drive the trading price of the red metal to $4,875.00 a tonne. The price of Brent crude oil continued to fall and by Wednesday the commodity was down by $1.42 to push its selling price to $47.49 a barrel. The bank further reported that the price of gold rose by a modest $15.00 to push the selling price of the precious metal to $1,296.53 an ounce. The Lusaka Stock Exchange (LuSE) All Share Index remained unchanged at 4,303.00 points.