Kwacha to gain

THE kwacha is anticipated to maintain its gains against the United States (US) dollar in the near-term, after closing Thursday’s trading at K0.10 stronger due to increased greenback inflows from suppliers, financial market players have observed.
Cavmont Bank notes in its market report that, “The kwacha closed trading at K6.35 and K6.37 on Thursday which was K0.10 stronger than the day’s opening rate. The local unit was boosted with dollar in?ows from suppliers and reversed the day’s earlier losses reaching respectable gains.”
Similarly, Zanaco Bank says the kwacha is anticipated to hold on to its gains against the dollar and trade within a K6.30 and K6.40 range in the near-term.
On Thursday, the kwacha appreciated against the dollar, extending strong gains made on Wednesday and posting its strongest close this year.
“The local unit is expected to keep a bullish tone against the dollar and should trade within a K6.30 and K6.40 range in the near term,” the bank says its daily treasury newsletter.
The bank says the local unit opened trading on the interbank at K6.45 and K6.47, one ngwee stronger than its previous day’s close.
It says reduced dollar demand against steady corporate greenback selling lifted the local currency to a high of K6.31 and K6.33 before closing the day at K6.35 and K6.37, up

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