Kwacha regains losses

THE Kwacha has regained some of its losses in the past week and continues to show signs of a bullish (strong) trend against major convertible currencies, particularly the greenback.
From Black Friday’s opening, the frenzy by shoppers and corporates converting their greenback to participate in the tempting 50 percent price cuts on assorted goods and meet month end obligations respectively, contributed to marginal strengthening of the Kwacha.
Friday’s impulse-buying that gripped the shoppers could set the mood for annual festivities, thereby boosting the local unit, some financial market players say.
“On the country perspective, there was a little appreciation [on Friday] but demand was low to make significant impact,” a market analyst says.
“Today, it is expected that the Kwacha will maintain the bullish trend due to expected month end inflows, resulting from local currency obligations,” Zanaco notes in its daily treasury newsletter


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