Angela Moonga
The market rates for the Zambian Kwacha against the United States Dollar yesterday showed minor improvements for the local currency, closing at just under the K24 to $1 psychological barrier, following the morning opening trade which showed the currency selling at K24 to the Greenback.
According to the market rates as posted by the Bank of Zambia (BoZ), the local currency opened trade at K23.8332 and K23.8832 for bid and offer, before moving to K23.6179 and K23.6679 by midday and finally K23.6136 and K23.6636 for buying and selling respectively, at the close of business.
As for the retail rates, the Kwacha was above K24 for offers in the morning before closing off at just under the K24 threshold in the afternoon.
When last week and this week’s local currency figures are factored in, the Kwacha’s performance is slightly on the back foot and is dangerously moving away from the K23s it has traded in for weeks towards the K24 psychological barrier.
Although the currency has shown some stability in recent months, the trade-off between last week and this week should send a few worrying signs.
