TRYNESS TEMBO, Lusaka
AFTER several months of holding firmly against the United States (US) dollar, the Kwacha yesterday breached the K10 mark.
Yesterday the local unit was trading at an average K10.04 on the buying end while selling was at K9.90.
Zanaco said the Kwacha continued to struggle against the greenback at the open of this week and lost further ground against the resurgent dollar.
The depreciation of the Kwacha can be attributed to the increased demand for the dollar on the market.
“The local currency is expected to continue with its current sluggish tone against the greenback and we anticipate a trading range between K9.90 and K10.00 in the short term,” Zanaco said in its daily treasury newsletter … READ MORE