By TRYNESS MBALE
THE Kwacha has continued its downward trend in a second consecutive session against the United States dollar (US$) on Tuesday sliding to a one-week low due to increased demand for the green buck, Zanaco says.
Zanaco says demand for the green buck by importers has kept the Kwacha on a bearish streak sending the local unit into oversold levels.
The Kwacha is expected to remain on the back foot against the green buck trading within the KR5.3 (K5, 300) and KR5.4 (K5, 400) boundaries.
On Tuesday, the Kwacha traded flat at KR5.33 (K5, 335) and KR5.35 (K5, 355) for bid and offer respectively toauching a session low of KR5.35 (K5, 350) and KR5.37 (K5, 370) against the dollar.
The Kwacha lost KR0.05 (K50) on the day to close at KR5.34 (K5,340) and KR5.36 (K5,3600) against the dollar.
“Kwacha fell further in a second consecutive session against the dollar on Tuesday sliding down to a one week low,” the statement reads.
Similarly, Standard Chartered Bank says the Kwacha on the interbank activity was pretty quiet as demand matched supply.
The bank’s daily brief says the local unit closed around KR5.33 (K5, 330) and KR5.38 (K5, 380).
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