By 
The Zambian Kwacha on Friday traded at 2.5 ngwee weaker against the United States (US) dollar to close the day at above K19.
The local currency was firm against the greenback in Friday’s trading session with relatively subdued activity observed on the day.
This is according to the Absa market update released Monday in Lusaka.
Read more : Bank of Zambia moves to prevent further fall in Kwacha value, as poor run persists
Most market players stayed on the fence observing the direction the local unit was likely to take following Bank of Zambia circular on the adjustment to the Kwacha and foreign currency statutory reserve ratio.
“At 08:30hrs, commercial banks quoted the local unit at K19.150/19.200 per dollar, 2.5ngwee weaker than the previous day’s close at K19.125/19.175 on the bid and offer respectively, but clung to the gains within the morning session and finally closed market on the same levels,” the report stated.
It was anticipated that the Kwacha would trade fairly stable in the short term with the demand and supply forces being the determinant.
At 08:30 hours Monday, commercial bank quoted the local currency at K19.0024/19.3668
On the money market, the report indicated that the volumes of funds traded on the interbank in Friday’s session reduced to K760.00 million from K860.00 million.
It indicated that the weighted overnight interbank rate increased sightly to nine percent from 8.97 percent.
The report further stated that the liquidity levels in the market reduced to K1,319.35 million from the K1,685.96 million seen in the previous session.
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