Business

Panic buying hurting Kwacha

TRYNESS TEMBO, Lusaka
REDUCED inflows of the United States (US) dollar on the market is likely to put pressure on the Kwacha due to panic buying by corporates, financial market players predict.
The Kwacha is anticipated to trade in the range of K9.85 and K10.00 against the US dollar in the short to medium term.
Analysing the currency market, Cavmont Bank says current trends seem to indicate that the local unit is likely to be range bound, which is a strategy that a currency pair has on a high and low price that it normally trades between.
By buying near the low price, a foreign exchange trader is hoping to take profit around the high price.
In its market report on Friday, the bank notes that Thursday’s trading session saw the local unit come under pressure as it began the day trading at K9.95 and K10.00 from Wednesday’s closing levels of K9.92 and http://epaper.daily-mail.co.zm/

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