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The Zambian Kwacha is projected to post gains in the short run as it aggressively pulled back its losses during the Friday trading session against the United States (US) dollar.
Th local unit rallied against the US dollar in Friday’s trading session, according to the Access Bank daily market report.
On the market average interbank bid and offer, the USD/ZMW opened at K27.3493/27.3993 and closed at K27.3017/27.3503, respectively.
“The market witnessed a total dollar trading of 3.2 million while demand for hard currency declined relatively. The local unit is projected to post gains in the short run,” according to the report.
Read more: Bank of Zambia dumps $6.5 million into foreign exchange market to shore up value of Kwacha
Absa Bank, also in its daily report, showed that the Zambian Kwacha posted gains against the US dollar in Friday’s trading session, as offshore inflows were adequate to support the demand on the day.
The bank reported that the interbank market opened activities with the kwacha quoted at K27.3200/27.3700.
“It experienced a minor dip, settling at K27.3750/27.4250 around noon, but aggressively pulled back its losses to close the day at K27.200/27.250 on the bid and offer, respectively.
“The outlook for the short term indicates the levels of demand and supply to squarely determine the direction the local unit will take,” the bank indicated.
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