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The Zambian Kwacha continued to post losses as the year 2023 came to an end on the back of a continued surge in dollar demand from multinational companies.
This was also as a result of merchandise goods importers from various sectors of the economy.
According to a daily market report by Absa bank, the financial market anticipated the local unit to trade range bound as trading begun the new week in the New year.
It, however, indicated that market activity would slowly pick up.
“Commercial banks in Lusaka quoted the local unit at K25.675/25.725 to the dollar and traded at these levels until close of business in a relatively quiet trading session.
“As we begin the new week in the New year, we anticipated the local unit to trade range bound as market activity slowly picks up,” the bank stated.
Elsewhere, South Africa’s rand strengthened in thin trade on the last day of trading for the year on Friday, helped by positive domestic economic data.
The rand traded at 18.40 against the United States dollar, about 0.8 percent stronger than its previous close.
Meanwhile, Absa stated that copper prices in London edged up on Tuesday, helped by a better manufacturing data from China and hope for stimulus from the world’s biggest metals consumer.
Three-month copper on the London Metal Exchange (LME) rose 0.3 percent to US$8,584 per metric tonne.
Gold prices also rose on Tuesday, supported by the prospect of interest rate cuts in 2024 from the Federal Reserve, while investors look forward to a slew of economic data this week for more clarity on the United States rate outlook.
Spot gold was up 0.3 percent at US$2,069.19 per ounce, as United States gold futures also gained 0.3 percent to US$2,078.10 per ounce.
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