By 
The Zambian Kwacha extended its losing streak in Wednesday’s trading session as it added to its previous day’s losses against the United States (US) dollar in a market seemingly caught short of the greenback.
This is according to Absa Bank Market update released on Thursday.
Read more: Kwacha extends losing streak, as Central Bank mops K545m from the market
Commercial Banks quoted the local unit at K18.120/18.170 but weakened in the afternoon session on sustained demand which saw it close business at K18.150/18.200 on the bid and offer respectively.
It stated that with the evident build up in US dollar appetite from the major sectors of the economy, the local unit was likely to continue trading on the defensive in the near term.
On the money market, the volumes of funds traded on the interbank in yesterday’s session went up to K615.00 million from K590.00 million, with the weighted overnight interbank rate slightly increasing from 9.00 percent from 9.06 percent.
It indicated that the liquidity levels in the market reduced to K1, 219.21 million from the K3, 038.90 million seen in the previous session.
Comments