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The exchange rate market witnessed a persistent trend of United States dollar scarcity along with a rise in demand for hard currency on Friday, primarily from Oil Marketing Companies (OMCs).
Given that current market dynamics hold, a downward trend for the local currency was anticipated in the near term.
“The Zambian Kwacha posted losses against the United States dollar in Friday’s trading session.
“The Local currency was quoted 0.44 percent weaker against the greenback at 23.548. It was worth 29.8148, 0.70 percent lower than the British pound,” according to the Access Bank Zambia daily market update.
Read more: Kwacha loses marginally, as demand for dollar gradually increases
Absa bank Zambia indicated that the local currency weakened further against the United States dollar in Friday’s trading session, driven by robust demand for the greenback amidst thin inflows.
At market open, the local unit traded at K23.550/23.600 in the morning session and remained unchanged to close the week at the same quote.
“The short term is likely to have the Zambian Kwacha face some downward pressure as supply and demand continue to drive the current narrative,” the Bank stated.
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