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Tuesday’s market session reportedly saw the Zambian kwacha maintain steady movement against the United States (US) dollar, though overall activity in the market remained subdued.
With supply remaining limited and demand continuing to persist, the Kwacha was expected to remain under pressure against the US dollar.
Futures market projections suggested that the Kwacha was likely to trade within a narrow range, with a tendency towards losses as demand persists amid short supply, according to the daily market update released by Absa Bank Zambia.
“The market opened with the local unit’s interbank trading at K28.580/28.630 on the bid and offer respectively, and this remained unchanged for the entire session,” the update revealed.
Elsewhere, the South African rand remained relatively unchanged on Tuesday, as markets adjusted to US tariffs imposed on Canada, China, and Mexico.
The rand traded at 18.59 against the US dollar, close to its previous close of 18.5875.
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