The foreign exchange market for the week ending July 13 remained stable with mild activity as most players continued to show limited interest.
Denis Mashanyu, a forex dealer with Standard Chartered Bank said in a statement released on July 13 that treasuries firmed with one year paper coming 109 basis points lower to 18.06% from 19.18% in line with Central Bank monetary policy stance of easing.
“Liquidity has improved with cash markets trading below single digits in the Friday session leading to central bank mopping the excess liquidity through repos,” he said.
Mashanyu expects the pair to trade in a range of 2465-85 next week with central bank issuing a 2 year bond with $ 40million on July 18. Interest rates are expected to maintain the trend with the short end of the curve going at near single digit.
Subscribe to this comment's feed
