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Foreign exchange rates as compiled by Standard Chartered bank

April 19, 2011 | By More
Number of View: 563

Kitwe, Zambia
Tuesday,19th April 2011

The USD/ZMK pair rallied briefly to test the 4765 level before settling back to the 4695-4720 range during yesterday’s session.

According Standard Chartered Banks daily brief, the move was attributed to demand from the telecoms sector; however due to significant Dollar inflows form both offshore and onshore interbank players the Kwacha sold down to closing of 4700/20.

Standard Chartered Bank expects the Kwacha to follow the majors as focus shifts to the euro zone as debt worries take center stage.

4770 should still pose as a good resistance level though a break of it would open a move up to 4800

AND ON THE MONEY MARKETS: According to the BOZ daily statistical release, overnight rates on the interbank market on Monday were at 2.67%.

Liquidity on the interbank was approximately ZMK 626.9Billion and the central bank was out of open market operations.

Category: Business, Latest News

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