Kwacha regains strength

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The Zambian Kwacha continued to show signs of recovery on Monday supported by stable United States Dollar inflows and matched demand levels.

The local currency opened trading at K6.498 to K6.518 to one US Dollar before closing at K6.477 to K6.497.

This is according to Cavmont Bank market report for Monday obtained by ZANIS in Lusaka on June 10th.

The report stated that the local unit seemed to have found its equilibrium at these levels.

It, however, stressed that further gains are expected should the supply side continue to improve in the short to medium term.

And the bank’s aggregate current account balance increased to K1, 240.65 million while the cost for interbank borrowing and lending rose by 0.94 per cent to 23 per cent.