Thursday, June 13, 2024
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KWACHA CONTINUES TO FLUCTUATE

THE Kwacha on Wednesday continued with its oscillation between gains and losses owing to a mismatch in demand and supply.

The currency pair began the day trading at K13.350 / K13.400.

Support for the local unit was seen coming through on the interbank following an increase in supply which saw the currency pair touch K13.200 / K13.250 level.

But by midday, the Kwacha was seen taking a turn following a spike in demand from importers and this saw the currency pair trading at K13.370 / K13.420 and closing the day at K13.350 / K13.400.

On money market news, Cavmont reported that commercial banks’ aggregate current account decreased by K168.07 million to K652.08 million while the overnight borrowing and lending rate decreased by 0.03% to 10.12 %

Total funds traded on Interbank was K268 million.

On the international scene, the price of copper fell by $78.00 on the London Metal Exchange (LME) and the red metal was currently selling at $5,888 a tonne.

But the price of gold rebounded and posted an increase of $4.00 and the precious metal was presently trading at $1,282 an ounce.

The bank further reported that the price of Brent crude oil fell by $0.89 and the commodity was selling at $68.81 a barrel.

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