Kwacha starts 2014 on weak footing
Published On January 5, 2014 » 3299 Views» By Times of Zambia » Money/Stock Exchange
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By MAIMBOLWA MULIKELELA -

THE Kwacha began 2014 trading bearishly against the greenback as dollar demand from market players drove its K0.015 loss on the day.

Interbank trading opened at K5.51/5.52 on the bid and offer respectively.

According to Zanaco daily newsletter, with thin inflows on the day, dollar demand pushed the local unit to a session low of K5.52/5.53 where it eventually closed the day.

The report said in the near term, the key resistances level for the local unit was expected to be KR5.55, which if breached, could see the Kwacha touch KR5.60 on the wide side.

Meanwhile copper prices slid around half per cent at the weekend, easing from a seven-month top and Shanghai futures fell 0.9 per cent as expectations of higher supplies and concerns over Chinese growth weighed on the market.

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