The Kwacha in Africa’s copper producer, Zambia, closed slightly bullish, a few points shy of K12/USD. The local unit had breached the psychological 12 level to close Tuesday at K12.1/USD.
Mining tax conversions to fund local currency statutory obligations gave the Kwacha support, settling at K11.87/USD in previous session.
We expect the unit to hold within a K11.75/USD-K11.85/USD band in the week.