By BUSINESS REPORTER
THE trading session saw the Kwacha and dollar pair remain unchanged as expected as it continued trading at K11.900 / K11.9500 from the previous day, the Cavmont Zambia daily market report says.
The report says market activity was rather dull on the buy side as most of the buyers were looking to trading below the $/K11.900 mark.
‘‘On the other hand, very little inflows were seen from sellers and as a result, there was no movement in the Kwacha to the upside as expected,’’ the report says. It seems demand and supply would be the main drivers of the currency pair, with market sentiment playing a minor role.
The price of copper at the London Metal Exchange (LME) fell by $31.00 per tonne while Brent crude oil and gold gained by $1.01 and $8.00 respectively.
The report says the commercial banks’ aggregate current account decreased by K129.38million to K1, 687.23 million while the overnight borrowing and lending rate remained unchanged at 9.87 percent. Total funds traded on Interbank was K561million.