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The Zambian Kwacha in the short term is expected to trade rangebound as supply and demand determine the currency’s ultimate position against the United States (US) dollar.
Friday’s trading session saw the Zambian currency trade steady against the US dollar with little activity seen on the day.
This is contained in the daily market update provided by Absa Bank Zambia on Monday.
Read more: Bank of Zambia dumps $6.5 million into foreign exchange market to shore up value of Kwacha
The interbank market opened with the local unit quoted at K25.500/25.550 on the bid/offer, until noon where it traded at K25.575/25.625, 7.5 ngwee lower.
“The Kwacha later gained 12.5 ngwee to reach and close on K25.450/25.500 on the bid and offer, respectively.
“Short term, The Zambian kwacha is expected to trade rangebound as supply and demand determine the currency’s ultimate position against the US dollar,” the Bank indicated.
On the money market, the liquidity levels in the market increased to K425.59 million from K386.88 million the previous day.
The volumes of traded funds on the interbank during Fridays’ session decreased to K555.00 million from K K560.00 million, with the weighted overnight interbank rate slightly rose slightly to 20.51 percent from 20.07 percent.
The local market remained subdued, with all yields remaining flat across all tenors.
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