Kwacha Stays Stable

Kwacha Stays Stable.

THE Kwacha recorded a second consecutive gain against the United States ( US) dollar and expected to continue on a strong path in the near term due to firm corporate and inter- bank inflows, financial analysts have observed.

Zanaco Bank says the Kwacha recorded another strong session against the US dollar on Tuesday as it gained for a second consecutive day this week.

Zanaco says the Kwacha is anticipated to trade in the range of K10.40 and K10.50 in the near- term.

“ The Kwacha is expected to continue trading with a bullish tone against the dollar on the back of strong corporate and inter- bank inflows,” the bank says in its daily treasury newsletter.

On Tuesday, market players posted the local unit at K10.50 and K10.55 per dollar at market open, 20 ngwee stronger than Monday’s close of K10.70 and K10.75.

It says intra- day trading witnessed healthy corporate and interbank dollar inflows to see the Kwacha hit a high of K10.45 and K10.50 on the bid- and- offer where it closed for the day.

In its market report on Tuesday, Cavmont Bank says the Kwacha maintained its bullish run against the dollar which has gained against most major currencies following the Brexit vote.

The bank says the Kwacha closed at K10.70 and K10.75, K0.05 stronger than the day’s opening level.