[2007-07-26]  Kwacha to be stable this week
THE Kwacha is expected to be stable this week barring external factors.

This is after it closed last week on a firm note recording a marginal appreciation of 0.65 per cent.

According to Finance Bank latest treasury market report obtained in Lusaka this week, the appreciation of the Kwacha on Thursday and Friday last week coincided with the auction of Government securities.

“This is an indication that there could have been some offshore players wanting to participate in the securities market.

We still maintain our view of a bullish Kwacha in the medium term especially with copper prices at records high of above US$8,000 per tonne,” the report read in part.

The report noted that the Kwacha opened last week on a flat note at K3,820 and K3,840 levels for bid and offer, but slipped to an intra day low of K3, 870 and K3, 890 during Tuesday’s trading session.

The bank also indicated that there was little change in the local currency on last Wednesday as it traded at a buy rate of K3,850 and sell at K3,870 on the inter bank marketing in lacklustre trading conditions.

However, on Thursday, the Kwacha firmed to K3,815 and K3,3835 levels on improved supply of the Dollar, a trend that continued on Friday, leading the Kwacha to close the week at firm levels of K3,795 and K3,815.


© 2005
Source: © 2005 Zambia Daily Mail.