Kwacha moves unsteadily

THE Kwacha opened stronger at K11.77/ K11.82 compared to the previous closing level of K11.80/ K11.85.

According to Cavmont Bank Zambia daily market report, the market was largely flat in terms of trading activity as most corporates on the buy side were anticipating further gains.

However, the gains made by the local unit were short-lived as it was later seen trading at K11.82 /K11.87.

It seems demand and supply would continue being the major drivers of the currency pair, with movements being expected in either direction.

The commercial banks’ aggregate current account decreased by K64.99 million to K753.72 million while the overnight borrowing and lending rate remained unchanged at 9.85 per cent.

Total funds traded on Interbank was K282 million.