Business

Kwacha in marginal gain against dollar

TRYNESS MBALE, Lusaka
THE kwacha closed last week on a percentage point stronger against the United States (US) dollar, to trade at K6.46 and K6.48 for bid and offer, Cavmont Bank says.
The bank says the Kwacha traded in a stable range against the dollar during Friday’s trading session.
It says the currency pair opened trading at K6.51 and K6.53 and   posted some marginal gains to reverse the previous day’s losses and trade below the K6.50 level.
“As at close of trading on Friday, the local unit was trading at K6.46 and K6.48 and this was a percentage point stronger than the day’s opening rate,” the statement reads.
On a global front, the dollar gains were halted in anticipation of jobs data out of the US.
Similarly, Zanaco Bank treasury newsletter says in the near-term the kwacha is anticipated to hold steady against the dollar, trading within K6.40 and K6.50 range on the interbank market with demand and supply as the main drivers of the currency pair.
On Friday ,the trading session witnessed the kwacha strengthen against the dollar from an opening level of K6.51 and K6.53, gaining nine  ngwee to touch an intra-day high of K6.42 and K6.44 on the back of banks selling-off long dollar positions.
The bank says the local unit closed trading on Friday five ngwee up against the dollar at K6.46 and K6.48 on the bid and offer respectively.



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