Kwacha strengthens slightly

THE kwacha strengthened slightly yesterday against the US dollar to trade around K5.30, driven by increased demand for the local currency by firms paying their corporate tax.

CFB bureau in Lusaka quoted the kwacha at K5.36 and K5.45 for bid and offer, respectively, compared to last Friday’s K5.360/K5.380, while the South African rand was buying for K0.59 and selling for K0.61.

The kwacha was buying for K5.37 and selling for K5.46 against the dollar at FX bureau while the rand was fetching for K0.59 and K0.615.

The British Pound was buying at K8.0 and selling for K8.6.

At Bullion Bureau De Change, the local currency was trading against the dollar at K5.37 and K5.45 for bid and offer, respectively, while the rand was trading between K0.6 and K0.61.

The kwacha retraced to familiar territory against the dollar last week, undermined by lower supply levels and saw players trade cautiously, according to market experts.