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The Zambian Kwacha weakened slightly against the greenback on Friday’s as it continued to lose ground, attributed to sustained demand from across all sectors of the economy.
Opening the day at its previous day’s close of K18.300/18.350 per United States (US) dollar, the local unit traded flat in the morning session but on the backfoot by midday due to sustained demand appetite.
This is according to Absa Bank Zambia market update report issued in Lusaka on Monday.
“By close of business the Kwacha was at K18.325/18.375 on the bid and offer respectively and we anticipated it be bearish in the absence of healthy dollar inflows,” it stated.
The report indicated that the local unit was quoted Monday morning by commercial banks at K18.2344/18.5840 to a dollar.
On the money market, it stated that the volumes of funds traded on the interbank increased to 1,245.00 million from K921.00 million, while the weighted overnight interbank rate remained at 9.24 percent.
It indicated that the liquidity levels in the market Increased to K4,877.89 million from K2,692.04 million as seen in Friday’s session.
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