ZANACO - The Kwacha traded relatively flat against the U.S. dollar on Tuesday as improved dollar inflows curtailed a fall of the local currency seen in the previous session.
At market open the domestic unit was trading at 5.405/5.425, marginally up by KR0.005 from its previous close. Trading was more balanced on the day as dollar supply picked from selling from some offshore and local interbank players.
On the other hand demand for the greenback from corporates in various sectors remained strong putting pressure on the Kwacha.
The Kwacha closed the day unchanged from its opening level as a result and is in the near term expected to range within KR5.350 and KR5.450
Tuesday saw market liquidity considerably dropping to touch KR838.5 million from the previous levels of KR1 013.7 million.
Funds traded by commercial banks decreased to KR206.5 million from KR244.5 million and the weighted average interbank lending rate remained unchanged at 9.25%.
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