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Kwacha holds firmly against US dollar

THE Kwacha is expected to continue to be firm against the United States dollar due to anticipated increased inflows of the greenback currency as corporates meet their monthend obligations, financial analysts say.
Zanaco Bank daily newsletter says the local unit is anticipated to trade in the range of K6.05 and K6.15 in the near term.
“The local unit is expected to continue trading with a bullish tone as it continues receiving support from traditional monthend supply,” the statement reads.
The bank says the Kwacha made significant gains against the dollar in Tuesday’s trading session.
It says matched demand and supply from corporate and interbank players witnessed the Kwacha trade flat against the dollar in the majority of session on Tuesday.
On the interbank, the Kwacha opened trading at K6.05 and K6.07 on Tuesday, unchanged from the previous days’ close, the local unit touched an intra-day high of K6.02 and K6.04 where it eventually closed.
Similarly, Cavmont Bank market report says the local unit is poised to trade within range, however, possible increased dollar inflows from corporates looking to meet month end obligations could see the Kwacha appreciate.
The bank says the Kwacha enjoyed a stable run against the dollar on Tuesday.
It says the Kwacha-dollar pair opened at K6.05 and K6.07 and registered marginal movements during trading session and closed at K6.04 and K6.06.

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