Kwacha remains range bound

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–The Zambian Kwacha has remained range bound against the greenback as the market continues to see minimal activity on the supply and increased importer demand.

The local unit opened trading at K6.290 to K6.310 and touched intra-day lows of K6.360 to K6.380 per one United State dollar.

Cavmont Bank market report for Monday, July 1, stated that corporate sellers did, however, come into the market which saw the Kwacha stabilise at K6.250 to K6.270 levels.

The report further stated that the market is currently biased towards a buyers-market and is expected to continue to be driven by the demand and supply levels.

And Cavmont Bank’s aggregate current account balance rose by K8.01 million to K792.26 million while the cost for interbank borrowing and lending rose by 0.06 per cent to 25.06 percent.

The report further stated that funds traded on interbank were K445.30 million.