Daily Nation Newspaper - - BUSINESS AND CORPORATE WORLD -

By BUSI­NESS RE­PORTER THE Kwacha has re­mained largely un­changed against the ma­jor con­vert­ible cur­ren­cies as most cor­po­rates have kept off the mar­ket in an­tic­i­pa­tion that the lo­cal unit will make a come­back.

Dur­ing the Mon­day and Tues­day trad­ing ses­sions, the lo­cal cur­rency moved fur­ther against the Dol­lar and other ma­jor cur­ren­cies ow­ing to a move by the cor­po­rate world and a wane in sup­ply on the in­ter­bank.

Ac­cord­ing to Cav­mont Bank Zam­bia daily mar­ket re­port, the lo­cal unit be­gan Tues­day's trad­ing ses­sion at K9.950 / K10.000 com­pared Mon­day's lev­els when it closed K9.900 / K9.950.

Mon­day's trad­ing ses­sion saw the Kwacha be­gin to move in the op­po­site di­rec­tion fol­low­ing a re­duc­tion in sup­ply from ex­porters and sellers.

The Kwacha be­gan the day trad­ing at K9.875 / K9.925, a level it traded at for most of the day com­pared to Fri­day when it was seen trad­ing at K9.8500 / K9.900.

Cav­mont Bank in­di­cated that the Kwacha's per­for­mance con­trasted other emerg­ing mar­ket cur­ren­cies like the South African Rand which touched an in­tra-day high of $1/ ZAR12.2300.

The fi­nan­cial mar­ket there­fore an­tic­i­pates that the lo­cal unit was likely to con­tinue trad­ing at cur­rent lev­els, with some re­sis­tance be­ing ex­pected above the $1/K10.000 mark.

On the money mar­ket, Com­mer­cial banks' ag­gre­gate cur­rent ac­count in­creased by K5.83 to K632.40 mil­lion while the overnight bor­row­ing and lend­ing rate re­mained un­changed at 10.07 per­cent.

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