Market expert expect a much stronger kwacha today, with trades forecast at around K12.95 per dollar.
This appreciation comes at a backdrop of massive depreciation a few days ago that saw the kwacha trading at K14.40 per US dollar on inter-back.
“It was yet another difficult day for trading with the market falling on account of lack of demand. Thursday’s trading session opened at 13.40 and closed at 13.00. As the rate continued to fall, dollar buyers opted to wait for even lower rates,” FNB Zambia’s daily market update has stated. “On the other side, dollar sellers are desperately trying to get kwacha, dealing at any available bids. This scenario has caused exaggerated moves, making it difficult for firm pricing discovery. Our current view stands for a bullish kwacha. We could see trades below 12.95 today.”