Economy

Kwacha settles at K20 per dollar

By BUUMBA CHIMBULU
THE Kwacha to dollar currency pair seems to have established a status quo around the K20.00/ K20.05 level as it continued trading at this level on the interbank.

Cavmont Bank Zambia indicated in its daily report that there was very little change in market activity, with demand being seen largely from the energy sector.
The Kwacha on Thursday continued to trade in the range 19.95 and 20.05 as was seen the previous day.
And Zambia Industrial Commercial Bank (ZICB) the Kwacha closed at 20.00/20.05, unchanged from its opening levels.
ZICB indicated that globally, the U.S. Dollar traded softer against most major currencies with investors looking for riskier assets.
“The dollar fell to a nine-day low on Thursday as robust U.S. data and hopes for U.S. fiscal stimulus left investors confident enough to seek out riskier currencies.
“The Chinese yuan gained the most against the dollar, reaching a year-and-a-half high in the offshore market as a holiday in China dried up liquidity, exaggerating the moves,” ZICB said
In addition, ZICB said, Chinese data on Wednesday showed its economic recovery was on track.
Republican President Donald Trump’s administration has proposed a coronavirus stimulus package to House Democrats worth more than U$$1.5 trillion, and hopes are rising that both parties will reach a compromise.
ZICB said Copper traded higher and was being quoted at US$6,672 per ton compared to the previous day when it was below the $6,600 level per ton.

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