Kwacha In Slight Gain

MARKET experts say the local currency still remains in a positive territory following a depreciation seen at the opening of trading last week.
According to Cavmont Bank’s treasury market update, the kwacha gained slightly at the close of trading last Friday after breaking the K10 psychological barrier to trade around K10.20 per US dollar.
“Friday saw the USD/ZMW currency pair remain largely range bound despite it swinging between gains and losses. The local unit began trading at K9.950/K10.000, but later touched an intra-day high of K9.910/K9.960 after receiving some support from sellers.
By noon, the currency pair had reverted back to its opening levels,” stated Cavmont.
“The local currency still remains in positive territory after having hit a low of K10.200/$1 on Monday last week. The kwacha closed at K9.930/K9.980, K0.02 stronger than the day’s (Friday’s) opening levels.”