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The Zambian Kwacha weakened on Friday as corporate demand for the United States (US) dollar outpaced supply, according to market reports.
Commercial banks in Lusaka quoted the Kwacha at K28.200/28.250 per dollar, trading steadily at those levels throughout the session, Absa Bank reported.
In the short term, the local currency is expected to remain range-bound, driven by market supply and demand.
Meanwhile, South Africa’s rand remained stable after a volatile week, recovering from losses triggered by the postponement of the national budget.
The currency traded at 18.32 per dollar, near its previous close of 18.3225, supported by strong global gold prices.
On the commodities market, London copper eased on Monday amid concerns over US trade policy, with three-month copper on the London Metal Exchange (LME) falling 0.4% to $9,523 per metric tonne.
ANZ Research noted that the sector is adjusting to potential tariffs and sanctions on certain metals.
Oil prices extended last week’s losses in Asian trading on Monday, with Brent crude falling 0.2 percent to $74.29 per barrel, while US West Texas Intermediate (WTI) slipped 0.3 percent to $70.18.
Investors are awaiting developments on Russia-Ukraine talks and Kurdistan’s oil exports.
Gold prices edged up near record highs, benefiting from US dollar weakness ahead of a key US inflation report.
Spot gold rose 0.1 percent to $2,939.15 per ounce, just below last Thursday’s all-time high of $2,954.69. US gold futures remained flat at $2,953.
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