Business

Kwacha records marginal loss

TRYNESS MBALE, Lusaka
THE Kwacha yesterday failed to sustain its recent gains against the United States (US) dollar resulting in it posting a suffering incurring marginal depreciation due to increased demand for the greenback.
A survey conducted in Bureaux de change around Lusaka yesterday by Daily Mail revealed that the local unit, which had appreciated to about K12.00 at close of Monday, had gone up to about K12.50.
At FX Bureau, the Kwacha was pegged at K12.90 and K13.30 on the bid and offer, respectively, while C&A Bureau pegged the local unit at K12.40 and K13.00.
Gold Coin Bureau pegged it at K12.50 and K12.70 while the Kwacha /dollar rate was pegged at K12.50 and K12.80 at Unifinance.
The Bank of Zambia pegged the local unit at K12.33 and K12.35 on the bid and offer, respectively.
Meanwhile, Finance Bank in its foreign exchange and money market rates report obtained yesterday at 10:00 hours quoted the Kwacha at K13.05 and K13.31 against the dollar.
The bank says the local unit opened this week’s trading session at K11.94 and K11.96 against the dollar.
Cavmont Bank in its market report says the Kwacha failed to sustain its recent gains against the dollar owing to increased demand for the greenback.
“The local unit opened trading this week at K11.92 and K11.94 and looked set to maintain its stability with a scope for further appreciation,” the bank says.




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