Kwacha appreciates by 1.4pc

THE Kwacha on Tuesday enjoyed further gains against the US dollar as the local unit appreciated by 1.36 percent from the session’s opening of K11.750 / K11.770.
The Cavmont Bank Zambia daily market report says the local unit appreciated on the back of renewed confidence and positive sentiment which has improved supply from corporate exporters.
The currency pair closed at K11.680 / K11.700, K0.035 stronger than Monday’s close.
On local money markets, the bank says commercial banks’ aggregate current account balance decreased by K20.26 million to K1,164.94 million while the overnight borrowing and lending rate remained unchanged at 14.60 percent.

Total funds traded on Interbank were K216.00 million.
On the international markets, Cavmont reports that copper price suffered a slight jolt and dropped by $79.50 to trade at$5,243.50 a tonne from US$5,393 on Monday.
The bank further reports that the price of gold also suffered a marginal fall of $4.13 and the precious metal was currently selling at$1,162.16 an ounce. On Monday the metal was trading at US$1,166.39 an ounce.
Brent crude oil price also suffered a slight drop of $2.88 and the commodity was now selling at$49.62 a barrel.
The Lusaka Stock Exchange (LuSE) All Share Index remained unchanged at 5,793.61 points.