The Kwacha gains were last week halted having traded in the range K6.110 to K6.130.
Cavmont Bank market report for Friday, July 25, released to ZANIS in Lusaka today disclosed that the local unit closed trading at K6.140 to K6.160 indicating a slight pickup in demand for the greenback.
The report stated that despite losing ground during the day’s trading session, the local currency is expected to retrace its earlier losses as corporate sellers convert to meet month end obligations.
And Standard Chartered Bank stated that Monday trading represented another quiet trading session for the currency pair as trading remained within relatively tight ranges with K6.150 providing the upper bound and K6.100 being the lower bound.
According to the daily brief released to ZANIS by the Bank in Lusaka today, focus for this week appears to be within this range saying if the trading pattern breaks the currency pair will be expected to move slightly higher.