Kwacha continues to appreciate

The Zambian Kwacha has continued to record positive performance as it appreciated by K0.085 or 1.34 percent against the United States dollar following improved dollar supply on interbank.

 

The local unit opened trading at K6.310 to K6.350 against one US dollar before closing at K6.225 to K6.265.

 

This is according to Cavmont Bank market report for Thursday which was obtained by ZANIS in Lusaka today.

 

The report stated that the local currency is likely to gain further if supply will continue to outweigh demand.

 

It further revealed that the Bank’s aggregate current account balance increased by K147.7 million to K804.65 million while the cost for interbank borrowing and lending rose by 0.12 percent to 23 percent.

 

The report further disclosed that funds that were traded on interbank were a total amount of K289.20 million.