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Kwacha continues to appreciate against the dollar

SUN BUSINESS REPORTER writes

THE Kwacha appreciated further against the U.S dollar on Tuesday following improved supply on the interbank.

According to Cavmont Bank Zambia daily market report, the local unit touched an intra-day day high of K12.925 /K12.975 from the day’s opening levels of K13.050 / K13.100.

The Kwacha was also supported by weak demand from importers which seems to have characterized the market hence contributing to its gains.

Current trends indicate that the local unit is poised for further gains as the interbank offer is now closer to the 200-day weighted moving average of $/K12.9887.

On money markets, Cavmont reported that commercial banks’ aggregate current account increased by K16.65 million to K561.63 million while the overnight borrowing and lending rate was unchanged at 10.23percent.

Total funds traded on Interbank were K333million.

On international metal markets, the bank reported some good news of copper posting arise in price of US$67.00, pushing the red metal trading price to US$5,883 a tonne.

The same was true for gold whose price went up by US$18.00 and the precious metal was presently trading at US$1,352 an ounce.

But the story was different for oil as Brent crude price fell marginally by US$$0.93 and the commodity was currently selling at US$61.03 a barrel.

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