Kwacha stabilises against the dollar
Written by Millennium on April 6, 2019
THE Zambian Kwacha was stable on Wednesday amid sluggish trade and was expected to remain range bound on the back of scarce corporate appetite for the greenback.
According to Barclays Bank Zambia daily market update, at 15:30 close of business commercial banks quoted the local unit at K12.100/12.150 unmoved from its opening level.
The USD/ZMW currency pair, the bank said was likely to trade steady with bullish bias as the market headed into next week.
And the Zambia Industrial Commercial bank said “the Kwacha made a brief recovery against the dollar on Wednesday after a slowdown in demand for the world’s reserve currency on the local market.
“The currency of Africa’s second largest copper producer was changing hands at 12.110/12.160 in early trade and touched an intra-day high of 12.080/12.130.”
The local currency’s appreciation was however short-lived and the currency pair retraced to its opening levels.
The Kwacha closed at 12.100/12.150, unchanged from the previous day.
