Improved United States (US) dollar supply by corporates on the market on Tuesday helped the Kwacha reverse some of the losses to trade between K16.97 and K17.02. In its daily treasury newsletter, Zanaco Plc states that Tuesday’s trading session saw the local unit trade relatively stable against the US dollar as pockets of supply from corporate players and the Bank of Zambia matched out demand for the greenback. The Kwacha was quoted at K17.00 and K17.05 on Tuesday morning and stayed unchanged for the rest of the trading day. “However, the local unit was quoted a whisker weaker at K17.02 and K17.07 as at close of business. In today’s (yesterday’s) trading, the Kwacha is expected to trade sideways,” Zanaco stated. Absa Bank Zambia Plc said the Kwacha is expected to trade range bound in the near term given the current market dynamics. On Tuesday, commercial banks quoted the Kwacha at K17.00 and K17.05, unchanged from the previous day’s close
