Kwacha fluctuates

THE Kwacha traded flat against the dollar for a second straight session on Monday, with very little activity seen on the day, financial analysts say.
Zanaco Bank daily treasury newsletter says thin flows from corporate and interbank players saw the local unit hold steady against the dollar.
“From an opening of K6.09/6.11, unchanged from the previous days’ close, the Kwacha traded flat on the day and closed the day as it opened,” the bank says.
It says the local unit is expected to continue trading in a narrow range with a bias to gain as corporates convert their foreign currency to settle month end Kwacha obligations.
The trading range is expected to remain between K6.10 and K6.20 in the near term.
Meanwhile, Standard Chartered Bank Plc says the Kwacha weakened during yesterday’s trading session.
The bank’s daily brief, however, says the Kwacha later gained to close at around K6.10-K6.12.
It expects the local currency to remain range bound.
And Cavmont bank market report says the Kwacha traded ?at against the dollar for a second day, with the currency pair closing at K6.10/K6.12 remaining unchanged from the previous day’s close.
The bank says the local currency remains resistant to breach the K6.10 level.

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