Kwacha maintains positive trajectory against the dollar

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SUN BUSINESS REPORTER writes

@SunZambian

THE Kwacha closed the month on a positive note against the U.S dollar at K12.800 / K12.850 compared to the beginning of the month when it began trading at K13.200 / K13.250.

The positive movement in the local unit was mainly on account of improved supply from sellers that w seen frequently selling dollars coupled with the thinning of ere liquidity in the money markets which resulted in weak demand from importers.

According to Cavmont Bank Zambia daily market report, in the interim, the Kwacha will likely remain range bound with resistance being expected around the $1/13.000.

On money markets, the bank reported that commercial banks’ aggregate current account increased by K412.54 million while the overnight borrowing and lending rate decreased by 0.04% to 10.30%.

Total funds traded on Interbank were K32 million.

On international market news, Cavmont reported that the price of copper went up by US$35 on the London Metal Exchange (LME) and the red metal was presently trading at US$5,998.00 a tonne.

Similarly the price of gold shot up by US$9 and the precious metal was currently selling at US$1,411 an ounce.

The same was true of Brent crude oil whose price went up byUS$1.81 to push the selling price of the commodity to US$66.61 a barrel

The Lusaka Stock Exchange (LuSE) maintained its 4,564.78 points.

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