Kwacha continues to gain

Kwacha Dollar Lusakavoice
Kwacha Dollar Lusakavoice

The Kwacha has continued showing signs of recovery after having depreciated against the U.S dollar and other major convertible currencies in the last few weeks.

ZANACO Bank says the kwacha as of yesterday opened to trade at 7-kwacha 61 ngwee at the start of business.

By mid day the local unit appreciated to trade at K7.50.

However, at the close of business the kwacha made a slight fall to trade at 7-kwacha 55 ngwee against the U.S dollar.

Financial Analyst at ZANACO say the kwacha could strengthen on rising copper prices currently trading at 6-thousand 217 U.S dollars per tonne on the London Metal Exchange.

Other factors likely to see the Kwacha appreciate is the recent directive by President Edgar Lungu to make changes to high mining royaltiesĀ and measure by the central bank to curb liquidity.