Kwacha again loses value against US dollar

Bank of Zambia kwacha
Bank of Zambia kwacha

The Zambian currency, the Kwacha dipped against the United States dollar pressured by increased corporate and interbank demand for the greenback amid high volatility.
The local currency opened trading at K5. 870 to K5. 900 before closing at K5. 920 to K5.950 per one US dollar.

This is according to Cavmont Bank market report for Tuesday and released to ZANIS in Lusaka today.

The report stated that the local unit is expected to trade in a narrow range with a bias to appreciate as a result of tightening in the money market and weakening corporate dollar demand.

The report further indicated that the bank’s aggregate current account balance reduced by K413.22 million to K503.53 million while the cost for interbank borrowing and lending rose by 0.09 percent to 10.79 percent.

Funds traded on interbank were K259 million.