KWACHA UNMOVED AGAINST THE DOLLAR
Written by Millennium on September 4, 2019
BUUMBA CHIMBULU writes
@SunZambia
THE Zambian Kwacha was unmoved against the dollar on Monday, with importers from different sectors holding back from buying the U.S. currency in anticipation of a stronger Kwacha.
Barclays Bank Zambia daily market update reported that at close of business at 15.30 hours, commercial banks quoted the Kwacha at K13.050/13.100 to the dollar, the same as Friday’s close.
The bank indicated that near term, the local unit was likely to trade in a tight band with factors of demand and supply determining the currency’s next move.
And Cavmont bank Zambia said current trends seem to indicate that the local unit was likely to continue trading within the current band despite demand from corporates remaining lacklustre.
According to the bank, there was very little change in the USD/ZMW currency pair on Monday as it continued trading at K13.050 / K13.100, a level it maintained until close business.
“Market was largely flat throughout the session as most players continue to trade the currency pair cautiously,” Cavmont bank said.
Elsewhere, South Africa’s rand steadied in early trade on Monday.
It however struggled for momentum as the appetite for risk waned as Washington and Beijing put additional tariffs on each other’s exports.
This added to the gloom hanging over the global economy.
The rand traded at 15.1950 per dollar, not far off its close of 15.1850 on Friday.
