Absa Bank Zambia says the local currency remained unchanged on Friday in a relatively quiet trading session as importers continued to seek the greenback in a market still caught short of dollars.

According to the Bank’s Daily Market update report, the kwacha opened the trade day at Twenty Kwacha Eighty Eight Ngwee to Twenty Kwacha Ninety Three Ngwee per dollar, and traded firm throughout the until close of business.

The Bank said as the week commences, it expects activity to pick up slightly with the direction of the local unit likely to be determined by the amount of dollar inflows the market will receive from corporates converting for upcoming payroll obligations amidst increasing corporate greenback demand.

“The liquidity levels in the market took another downward spiral in Friday’s trading session reducing to K2,996.59 Million from K3,195.79 Million while the volumes of funds traded on the interbank on the other hand continued to increase to K490.00 Million from K475.00 Million seen the previous day,” the Bank said.

It added that the weighted overnight interbank rate was range bound at 7.96%, and that the local market remained subdued in yesterday’s trading session with yields remaining unchanged.