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Kwacha maintains grip against US dollar


THE Kwacha on Wednesday held firm against the United States (US) dollar for three consecutive days supported by steady greenback inflows.
Absa Bank Zambia Plc said the Kwacha was stable as corporates that are looking to meet mid-month tax obligations offloaded the dollars on the market. “Demand for the greenback continues to dominate the markets but was matched with supply inflows as corporates concluded conversions for their mid-month tax obligations,” Absa Bank said in its market update yesterday. The local unit opened and closed at K22.63 and K22.68 per dollar, same as the previous day’s close, with moderate activity seen in the market. “In the near term, we still anticipate the Kwacha to trade in a tight band as demand and supply determines its next move,” Absa Bank said. Similarly, copper prices rose yesterday as CLICK TO READ MORE