Kwacha holds firm against the dollar

By Nation Reporter

THE Kwacha on Tuesday continued with its positive movement against the US dollar as buyers held off in anticipation of further gains in the local unit, while a number of conversions were still being seen from corporate sellers.

According to Cavmont Bank Zambia daily market report, the local unit opened the day at K9.800/K9.850, but was later being quoted at K9.700/9.750 by noon.
The Kwacha closed at K9.700 / K9.750, 1.03 percent stronger compared to the trading day’s opening levels.
On money markets, the bank reported that commercial banks’ aggregate current account balance decreased by K18.31 million to K547.61 million while the overnight borrowing and lending rate remained unchanged at 18.00 percent.
Total funds traded on Interbank were K290.00 million.
The Lusaka Stock Exchange (LuSE) All Share Index fell by 0.17 percent to register 4,742 points.
On the international scene, there was good news from copper which posted a gain of US$86.50 on the London Metal Exchange (LME) after suffering a jolt of US$115.00 the previous day.
The bank reported that the red metal was, therefore, currently selling at US$4,959.00 a tonne.
The same news was shared by gold whose price went up by a marginal US$1.96 to push the selling price of the precious metal to US$1,331.69 an ounce.