By Buumba chimbulu THE Kwacha strengthened against the United States dollar during Thursday’s trading session, sustained by the Bank of Zambia’s support and significant inflows from large corporates converting for early month-end obligations. The currency pair opened the day at K27.775/27.825 per dollar at 08:30 hours and continued to appreciate through the day, according to Absa Bank Zambia in its daily market update. “By mid-day, the Kwacha gained further ground, trading at K27.600/27.650, where it closed for the day. In the near term, the Kwacha is expected to remain firm, with its trajectory influenced by the interplay between foreign currency demand and supply,” the update indicated. The selling pressure on the Kwacha finally eased yesterday, with the USD-ZMW pair closing the day at 27.6889, according to Bloomberg data, down around 0.35 percent on the session. Despite the better session for the Kwacha yesterday, the outlook remains bearish, given the strong United States and the impact […]
