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The Zambian Kwacha weakened further against the United States (US) dollar on Thursday, as it trades around K17.79 against the greenback.
This is on the back of sustained greenback demand from large corporate and other merchandise traders amid thin supply.
At 08:30 hours Central African time, the Kwacha was quoted at K17.525/17.575 per dollar and was down 2.5 ngwee by mid-day where it traded to close business at K17.550/17.600 on the bid and offer respectively.
Near term, the local unit was likely to post minor loses in the absence of healthy dollar inflows, according to Absa Bank Zambia Plc market update.
At 08: 45 hours on Friday today, the local unit opened trading at K17. 4614/17.7962 on the bid and offer respectively.
The report indicated that the volumes of funds traded on the interbank in yesterday’s session increased from K405.00 million to K670.00 million, while the weighted overnight interbank rate was maintained at nine percent.
Read more: Kwacha continues loss against the dollar, as money in circulation surges over K3bn
It stated that the liquidity levels in the market moved upwards from K1, 166.22 million to K1, 429.42 million seen the previous day.
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