Kwacha downward trend continues
Published On December 30, 2013 » 2933 Views» By Hildah Lumba » Business, Stories
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By JAMES KUNDA –

FRIDAY saw the Kwacha having a reversal in fortunes as it slid against the United States (US) dollar, losing K0.20 on the day.

Zanaco bank reports that interbank trading began the day at K5.50/5.51, unchanged from Thursday’s trading.

However, interbank demand for the dollar saw the Kwacha yield gains recorded on Thursday trading to end the day at K5.52/5.53 on the bid and offer respectively.

The Kwacha is expected to trade with a slight bearish tone as year-end demand for the dollar should persist.

Dollar-Kwacha Interbank trading range is expected to be between K5.50 and K5.60.

Meanwhile, copper prices rose to their highest in more than four months on Friday, lifted by a weak dollar, tightening supplies and expectations that economic recovery in top consumer China would boost demand for industrial metals next year.

Three-month copper on the London Metal Exchange (LME) closed up 1.5 per cent at $7,382 a tonne, having hit its highest since mid-August at $7,415.50.

 

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