Kwacha trades flatly
Published On January 7, 2014 » 2992 Views» By Administrator Times » Business, Stories
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By JAMES KUNDA –

THE Kwacha opened trading at K5.52/K5.53 on the bid and offer respectively, trading flat around this level for much of the morning session.

With dollar demand largely subdued and relatively better dollar in-flows on the day, the local unit touched a day’s peak of K5.52/K5.53 where it eventually closed.

The Kwacha remains relatively vulnerable to a marginal depreciation as dollar demand is expected to progressively increase in the near term.

“The Kwacha’s expected trading range on the interbank is between K5.51 and K5.60,” said Zanaco bank yesterday.

Meanwhile, copper steadied on Monday as the dollar fell but the metal remained near a two-week low on concerns about economic recovery in China, which accounts for about 40 per cent of global copper demand.

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