Zambia: Kwacha Holds Firmly

THE Kwacha opened interbank trading at KR5.310/5.330 on the bid and offer respectively before proceeding to touch a day's peak of KR5.300/5.320 during early morning trading.

According to ZANACO daily newsletter, the local unit on Wednesday traded relatively steady against the United States dollar.

However, with thin dollar inflows and demand for the greenback from interbank players continuing to be robust, the Kwacha retraced back to KR5.310/5.330 level where it eventually closed off trading.

The report said in the near term, the Kwacha was expected to hold steady against the dollar and should continue to trade between KR5.280 and KR5.350 on the interbank market.

Meanwhile, copper prices slipped on Wednesday to a near four-week low, dragged lower by demand concerns as buying from top consumer China remains subdued, with a weak Euro also weighing on prices.

Benchmark three-month copper on the London Metal Exchange (LME), was untraded in official rings, but was bid at $8,038 a tonne, down from a close of$8,050 a tonne on Tuesday.

Ads by Google

Copyright © 2013 The Times of Zambia. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.