Kwacha loses marginally, as demand for dollar gradually increases

The market on Tuesday saw a decrease in United States dollar traded volumes totalling US$1 million for the day as demand for the greenback gradually increased.

This was after the Zambian Kwacha pulled back gains it posted during the week as greenback demand from corporates and importers trickled back into the market, steadily outstripping the supply.

Absa bank in its daily market reported that short term was likely to have the local currency trade steady as month end conversions are expected to offer some balance.

The Zambian Kwacha pulled back gains it posted during the week as greenback demand from corporates and importers trickled back into the market, steadily outstripping the supply.

Commercial banks quoted the local unit at K22.500/22.550 and lost 0.15 ngwee to trade at K22.575/22.625, on the bid and offer respectively, where it closed for the day.

Access bank stated that the local currency was anticipated to trade range bound in the short-term subject to market dynamics.

“The Zambian Kwacha was in choppy trade against the US dollar in Tuesday’s trading session. Based on the market interbank bid and offer, the USD/ZMW opened at K22.500/22.550 and closed at K22.600/22.650, respectively,” the bank indicated.

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