LOCAL UNIT STEADIES

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By BUSINESS REPORTER

THE US$/ZMW currency pair was seen to be trading slightly on the back-foot against the U.S dollar as the local unit opened at K11.630/ K11.680 compared to levels of K11.600 / K11.650 seen on Wednesday.

Market activity was still flat as most corporates were cautious during the trading session.

This is according to Cavmont Bank market report.

By noon, the local unit had touched an intraday low of K11.72 K11.77.

In the interim, most players are likely to remain mute as they seek to determine the currency pair’s next move.

The commercial banks’ aggregate current account increased by K338.91 million to K783.31 million while the overnight borrowing and lending rate decreased by 0.02 percent to 9.80 percent.

Total funds traded on interbank was K438.60 million.

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