Kwacha halts slide
Published On February 26, 2014 » 2656 Views» By Davies M.M Chanda » Business, Stories
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By JUDITH NAMUTOWE –

THE Kwacha halted its slide against the dollar on Wednesday gaining briefly in volatile trade that characterised the currency markets on the day.

According to Zanaco Daily Newsletter the Interbank dollar trading began at K5.780/5.790 but a strong demand saw the Kwacha touch a session trough of K5.800/5.810.

At this level dollar selling by corporate and Interbank players reversed the trend and helped the Kwacha move to K5.755/5.765.

The strong dollar demand prevented the Kwacha from holding on to these gains as the Kwacha eventually closed unchanged at K5.780/5.790.

Near term the Kwacha should trade steady against the dollar within a range of K5.750 and K5.810 on the interbank.

The report said that money market liquidity drastically decreased to K853.31 million from the previous day’s high levels of K1 578.02 million.

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