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The Zambian Kwacha has reversed some of its previous days gains in Friday’s session due to a surge in demand for the greenback.
This was as large corporate importers and other market players sought to take advantage of the relatively cheaper Kwacha.
On Friday, the Kwacha was trading at K17.400/17.450 and later lost five ngwee to trade at K17.450/17.500 by mid-morning, where it traded until close of business.
This is according to the Absa market update released in Lusaka on Monday.
On Monday the local unit was quoted at K17.3425/17.6750 to a dollar.
“We anticipate that the local unit will trade fairly stable in the near term, but might lose minor ground on increased appetite for the dollar,” it stated.
On the money market, it indicated that the
volume of funds traded on the interbank in Friday’s session decreased to K925.00 million from K1,250.00 million, while the weighted overnight interbank rate decreased to 9.26 percent from 9.27 percent.
It indicated that the liquidity levels in the market decreased slightly to K1,319.13 million from the K1,325.96 seen in the previous session.
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