Kwacha weakens again

Bond and Derivatives Exchange

The Zambian Kwacha lost ground against the United States dollar on Tuesday as demand from importers picked up amid volatility.
The local currency opened trading at K6.030 buying and K6.060 selling before closing at K6.120 buying and K6.150 selling per US dollar.

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

The report said the Kwacha’s next direction largely depends on supply of the greenback and the appetite for government debt in the upcoming auctions.

It further disclosed that the Bank’s aggregate current account balance increased by K118. 71 million to K910. 26 million while the cost for interbank borrowing and lending increased by 0.60 percent at 15.64 percent.

The report also revealed that funds traded on interbank were a total K910. 26 million.