Kwacha moves un­steadily

Daily Nation Newspaper - - BUSINESS & CORPORATE - By BUSI­NESS RE­PORTER

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.

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