By 
The Zambian Kwacha’s losing streak extended into Monday’s trading session, as foreign exchange inflows remained insufficient to meet rising dollar demand.
At 8:30 a.m., the Kwacha was quoted at K26.825/26.875 per dollar before slipping further to close at K26.875/26.925 on the bid and offer, according to a daily market report by Absa Bank.
Short-term forecasts indicate continued pressure on the Kwacha, driven by heightened demand from the energy sector and merchandise importers.
However, Absa noted that large corporates may offer some support for the local currency as they convert foreign reserves to meet tax obligations.
Meanwhile, South Africa’s rand strengthened on Monday against a softer dollar, as investors looked ahead to the upcoming U.S. presidential election and Federal Reserve’s interest rate decision.
By 3:22 p.m. GMT, the rand traded at 17.50 per dollar, marking a 0.9 percent gain from its previous close, while the dollar index slipped 0.3 percent against a basket of currencies.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments