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The Zambian Kwacha has continued to show a lacklustre trend as the market remains demand heavy, largely from large corporates and merchandise importers, amid thin and inconsistent supply.
As the week closes off, the financial market anticipated the local unit to post minor losses on a close day basis due to sustained corporate dollar appetite.
ABSA bank Zambia in its daily market report indicated that the Kwacha was under pressure against a basket of major currencies in Wednesday’s trading session.
The report showed that the local currency was expected to follow a downward trajectory given that current market trends hold.
“It fell 0.22 percent on the dollar overnight to 26.030 and 0.05 percent on the euro to 28.448.
“The market witnessed an increase in activity while the trade-off between high hard currency demand and low dollar inflows persisted in the local unit’s performance,” it stated.
Meanwhile, Access bank stated that the Zambian Kwacha traded flat against the United States dollar on Wednesday.
It, however, showed that the Kwacha continued to show a lacklustre trend as the market remains demand-heavy, largely from large corporates and merchandise importers, amid thin and inconsistent supply.
“Commercial Banks quoted the local unit at K26.0000/K26.0500 per dollar, five ngwee weaker than its previous days close of K25.9500/K26.0000 and it traded at these levels until business close,” according to Access.
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