THE Kwacha has continued to depreciate trading in the range K7.5 and K7.7.
Yesterday the local currency was seen trading between K7.30 and K7.56
due to dollar demand from importers and interbank players.
A check in Lusaka, at some bureau showed some signs of depreciation.
At Bullion Bureau de Change along Cairo road, the Kwacha buying at
K7.5 and selling at K7.7 against the greenback, while at CFB the local
currency was buying and selling at K7.4 and K7.6 respectively.
The copper prices on the international market yesterday opened up by
more than one percent on Thursday, from a near one-month low in the
previous session, as a soft dollar absorbed the fallout from a U.S.
economic growth downgrade.
According to the Reuters, three-month copper on the London Metal
Exchange (LME) rose by 1.2 per cent to $5,740 a tonne, paring two per
cent losses from the previous session when prices touched their
weakest since February 24 at $5621.50 a tonne.
On the other hand oil prices slipped below US$56 a barrel bigger than
expected oil stocks in the United States though losses were limited on
a weaker dollar as the Federal Reserve signalled a slower speed of
interest rate hike.
The Reuters noted that futures for May delivery fell 22 cents to
$55.69 a barrel, after jumping as much as six per cent in the previous
Gold extended gains on Thursday to its highest level in nearly two
weeks as the dollar tumbled after the Federal Reserve signalled a
slower pace of U.S. interest rate hike and caution on U.S. economic
Spot gold gained 0.6 percent to $1,174.26 an ounce, after earlier
climbing to $1,175.05, its highest since March 9.
The metal gained 1.6 per cent on Wednesday, its biggest one-day jump
since January 30.