Kwacha trades at a record K6.7 against the US dollar

The Zambian Kwacha yesterday traded at a record K6.700 per one United States dollar following increased dollar demand on interbank, while the supply side remained inadequate.

 

The local unit opened trading at K6.700 to K6.740 and closed at K6.735 to K6.775 per one US dollar.

 

This is according to Cavmont Bank Market Report for Thursday and obtained by ZANIS in Lusaka today.

 

The Bank stated that in the absence of improved supply, the local unit is likely to continue trading within the current levels, with bias towards the downside.

 

And the bank’s aggregate current account balance decreased by K195.35 million to K618.48 million while the cost for interbank borrowing and lending rose by 0.17 percent to 17.50 percent.

 

The bank further stated that funds traded on interbank were K427 million.