The Kwacha has this week posted further losses against the dollar as supply flows seem to have dwindled.
According to the Zanaco treasury Newsletter, the local unit opened trading between Eighteen Kwacha Five Ngwee and Eighteen Kwacha One Ngwee per US Dollar.
The Local currency is however expected to continue sliding slowly throughout the day to end up at Eighteen Kwacha Twenty Five Ngwee and Eighteen Kwacha Thirty Ngwee per US Dollar.
At the start of the week, it was expected that the Kwacha would break its psychological barrier of Seventy Kwacha Nine Ngwee owing to the fact that the local currency would remain strong in the near term.
However, fundamentals on which the performance of the Currency depends show that the Kwacha is still week on the medium to long term due to elevated debt levels.
As of previous week, the Kwacha appreciated strongly by over 3. 1 per cent over the course of the week as it reached eighteen Kwacha Forty-Five Ngwee and touched a low of eighteen
The Kwacha has been supported by increased corporate supply as businesses convert to meet salary obligations.
Kwacha posts further losses against the dollar.
