Kwacha signals gain

REDUCED demand for United States (US) dollars and continued central bank support are expected to strengthen the kwacha against the greenback in the near term, financial market players say.
Zanaco Bank says the kwacha is anticipated to appreciate further against the US dollar in near term to trade within the range of K644 and K6.57 for bid and offer respectively.
In its treasury newsletter, the bank says the kwacha posted gains against the dollar on Thursday, strengthened by reduced demand for the greenback and closed the day’s trading two ngwee stronger against the dollar at K6.52 and K6.54.
“The Kwacha is expected to claw out further gains against the dollar and is expected to trade between K6.44 and K6.57 in the near term,” the statement reads.

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