Kwacha trades on back foot against US Dollar

—Cavmont Bank says the Zambian Kwacha yesterday traded on the back foot against the United States Dollar for much of the earlier trading session.

The bank said the local unit did, however, manage to reverse some of its earlier loses and posted gains of about 0.40 per cent or K0.03 to close the trading session at K6.160 to K6.180 per one US dollar.

This is according to the bank’s market report for Tuesday obtained by ZANIS in Lusaka today.

The market report stated that the Dollar generally continues to trade in positive territory against a basket of major currencies.

And the bank’s aggregate current account balance increased by K19.51 million to K1, 922. 87 million while the cost for interbank borrowing and lending increased by 0.75 per cent to 13.5 per cent.

The report disclosed that funds traded on interbank were K152 million.