KWACHA IMPROVES

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By BUUMBA CHIMBULU

THE Kwacha has strengthened against the dollar amid inflows from corporates converting the US currency to meet their mid-month taxes.

This is according to the Barclays Bank Zambia daily market update.

According to the update opening the day at K12.000/12.050 per dollar, the local unit gained on the back of healthy corporate inflows to close at a high of K11.930/11.980 on the bid and offer respectively.

Near term, the bank said, the Kwacha was likely to trade on front-foot.

On the money market, the bank indicated that there was some marginal increase in the market activity on Tuesday.

“We saw a marginal increase in market activity in Tuesday’s trading session with the interbank traded volumes moving from K119 million to K284 million.

Meanwhile, Barclays said there was less activity in the market on Monday as traders and investors awaited the upcoming auction scheduled for today.

The indicative rates, the bank said, still remained in the range of 23.75 percent to 26.00 percent.

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