LOCAL UNIT ON THE MEND

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By BUSINESS REPORTER

THE Kwacha was largely range bound against the U.S dollar though it oscillated between gains and losses owing to mismatches in demand and supply on the interbank.

On Tuesday, the local unit began the day trading at K11.60 / K11.65 but later touched an intraday high of K11.45 / K11.50 before reverting to K11.60 / K11.65, a level it closed at.

This is according to Cavmont Bank market report.

Most corporates were largely on the fence as they anticipated further gains in the local unit.

Current trends seem to indicate that the local unit is likely to maintain its bias towards the upside should corporate demand remain sluggish.

The commercial banks’ aggregate current account decreased by K285.96 million to K400.04 million while the overnight borrowing and lending rate remained unchangeable at 9.81 percent.

Total funds traded on Intermarket was K671 million.

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