The Zambian currency, the Kwacha, on Tuesday failed to sustain its gains against the United States dollar as demand outweighed supply on interbank as well as from corporates.
This is according to Cavmont Bank market report for Tuesday and released to ZANIS in Lusaka April 23rd.
The report disclosed that the local currency opened trading at K6.180 to K6.220 per one US dollar but later weakened to a high of K6.240 to K6.280 during afternoon trading.
The report further stated that despite its current weakness, the local currency is expected to firm up as exporters convert dollars for Kwacha to settle month end obligations.
And the Bank’s aggregate current account balance increased by K356.53 million to K801.30 million while the cost for interbank borrowing and lending increased by 0.27 percent to 17.95 percent.
The report also revealed that funds traded on interbank were K521 million.