Absa Bank Zambia says the Kwacha weakened slightly against the Dollar in yesterday’s trading session.
According to the Bank’s latest market update report, the local currency opened the day at K21.02 and K21.07 respectively.
It said the local unit was down 1.5 ngwee by close of business mainly due to insatiable demand for the green back from importers and other corporates.
“This weighed heavily on the Kwacha mostly in the afternoon session to see it close at K21.040/21.090 on the bid and offer respectively.”
It added that the trend is likely to continue in the near term in the absence of consistent dollar supply to meet the demand.
Meanwhile, the bank disclosed that the liquidity levels in the market reduced in Tuesday’s trading session moving from K3, 421.81 Million to K3, 364.95 Million.

“The volumes of funds traded on the interbank reduced to K200.00 Million from K410.00 Million while the weighted overnight interbank rate was up 9 basis points at 8.20% from 8.11%,” the bank explained.