Kwacha strengthens against rand

zambia kwacha
zambia kwacha

AS THE South African rand collapsed to a record low on Monday against the United States dollar, it has also witnessed a marginal depreciation against the Kwacha, to currently trade at 0.6716 as at mid-morning yesterday, South African Reserve Bank has said.
However, the rand clawed back some gains against major currencies yesterday morning following the release of Chinese trade data that was better than expected.
According to the South African Reserve Bank website, the Kwacha /rand pair has since December last year made marginal movements, with the Kwacha trading on an upward trend against the rand.
On Tuesday the rand/Kwacha pair was pegged at 0.6557 cents from 0.6641 cents recorded the previous session.
A survey conducted in selected bureaux de change in Lusaka revealed that the Kwacha/rand pair has remained unchanged from the previous session.
At C& A bureau, the pair was pegged at K0.65 and K0.78 on bid and offer respectively while Golden Coin pegged the pair at K0.69 and K0.70 respectively.
At FX bureau the rand was trading at K0.63 and K0.66 on bid and offer respectively.
Meanwhile, a Rand Merchant Bank analyst says the improvement in the Chinese data and local sentiment were expected to favour the rand yesterday.
“This has allowed for some gains but caution is still high and liquidity still slightly constrained,” the analysts said.
According to the Business Day, the rand was trading at R16.4504 against the dollar at 08.30 hours from a previous close of R16.6687.
On the performance of the Kwacha against the dollar, the Kwacha generally maintained the previous session level.
At Golden Coin and FX bureau the Kwacha–dollar pair remained unchanged from the previous session at K11.00 and K11.18 and K11.05 and K11.22 on bid and offer respectively.
However, C & A Bureau pegged the local unit at K11.00 and K11.30 on bid and offer from K10.90 and K11.20 on bid and offer.