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The Zambian Kwacha added to its previous day’s losses in Wednesday’s trading session as the market continued to be characterised by high levels of demand stemming from the energy sector and other large corporate importers amid thin inflows.
At 08:30 hours, commercial banks quoted the local unit at K20.350/20.400 per United States (US) dollar but sustained greenback appetite saw it hit an intraday low of K20.400/20.450 in afternoon session where it traded for the rest of the day until closure.
This is according to the Absa Market update report made available to Zambia Monitor on Thursday.
Read more: Report attributes depreciation of Kwacha to continued debt stand-off
It stated that with the evident build up in the dollar demand from the major sectors of the economy, the Kwacha is likely to post minor losses in the short term.
On the money market, the report indicated that the volumes of funds traded on the interbank in Wednesday’s session dropped from K1,025.00 million to K796.00 million, while the weighted overnight interbank rate stayed flat at 9.27 percent.
It further stated that the liquidity levels in the market slightly reduced from K1,465.16 million to K1,444.38 million seen in the previous session.
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