Kwacha grows weaker against the dollar

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BUSINESS REPORTER writes

THE Kwacha was a touch weaker in Monday trading as it touched an intraday low of K13.525 / K13.575 from its opening levels of K13.050 / K13.100, following an increase in demand on the interbank.

According to Cavmont Bank Zambia daily market report, the local unit was however expected to get support as month end conversions increased this week.

Corporate demand seemed to have also picked up during the trying session.

On the money market the bank reported that commercial banks’ aggregate current account decreased by K56.93 million to K1314.14 million while the overnight borrowing and lending rate maintained at 10.15 percent

Total funds traded on Interbank was K146 million.

On commodities market, Cavmont reported that the price copper continued to be on downward spiral after it posted a drop of US$33 to push the metal’s selling price to US$5,955 a tonne.

There was good news for gold whose price went up by US$3 and presently the precious metal was trading at K1, 286 an ounce.

The same was true for Brent crude oil which went up by US$0.96 and the commodity was now selling at US$69.11 a barrel.

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