Kwacha loses ground Trading at K20.37

THE Kwacha has recorded some downward movements as the worlds’ reserve currency was broadly bullish against a basket of currencies.

As at close of trade the currency pair was changing hands at 20.40/20.45 on the interbank compared to its open of 20.35/20.40

This is according to the Zambia Industrial Commercial Bank (ZICB).

ZICB also said the local markets would also be focused on the 10th Government Bond auction of 2020 to be held on Friday.

"Market liquidity is currently K4.5 billion," ZICB said.

Cavmont Bank Zambia said the Kwacha moved a notch lower against the U.S dollar as it began the day trading at K20.37 / K20.42 from the previous day's close of K20.35 / K20.40

"The status quo was unchanged in terms of trading activity," Cavmont said.

On the other hand, the South African Rand fell further to an intra-day low of US$1/ZAR16.4843 following a disappointing budget speech from the minister of finance which showed no reduction in public debt.

South Africa's rand stepped back from its overnight lows on Thursday, regaining some of the losses following the shock of Wednesday's budget speech that showed still-ballooning debt and a deeper recession.

The rand was 0.46 percent firmer at 16.3200 per dollar, having slipped to as low as 16.4775 overnight, its worst in one week, over the bad news locally and abroad.

France and Germany went back into lockdown on Wednesday, as a massive second wave of coronavirus cases threatened to overwhelm Europe, rattling already fragile hopes of global economic recovery.

Cavmont Bank Zambia said the Kwacha moved a notch lower against the U.S dollar as it began the day trading at K20.37 / K20.42 from the previous day’s close of K20.35 / K20.40