Zanaco bank says the Kwacha is likely to end the week on a weak note with an expected trading range of KR5.32 (K5,320) and KR5.40 (K5,400) support and resistance respectively.
According to the bank’s daily newsletter for Friday, June 07, 2013, the Kwacha moved lower against the U.S. Dollar on Thursday falling to its lowest level in almost six (6) weeks on the back of increased demand on the interbank market.
The local currency fell as much as KR0.03 from an open of KR5.340 (K5, 340) and KR5.360 (K5, 360) ploughing to a low of KR5.375 (K5, 375) and KR5.395 (K5,395) for bid and offer.
Zanaco says the local unit was weakened by a combination of corporate and interbank demand in the morning trading session.
“The Kwacha regained some ground in the latter part of the day as demand slowed down to close at KR5.355 (K5,355) and KR5.375 (K5,375). The Kwacha was down KR0.015 on a closing basis,” the bank’s news letter said.
lnvestor confidence dwindling!
What does investor confidence have to do with the rate of the dollar? Get an education!
LORD VOLDEMORT: Actually, you are the one who needs education!
Blind supporters like vermont need to go back to school or better just join the sudanese trained PF militia.The signs are there for all to see that the econnomy is on a slump and yet people are trying to pretend like all is well.Zambian economy under PF is like a mirage.
LORD whatever – loss of investor confidence and silly pronouncements affects the Kwacha .You need an education not #1
Let it fall so that Zambia adopts the Botswana Pula as its currency!
Fall Kwacha…Fall!!
Kwacha will fall further in sept/October after govt workers receive massively increased salaries. There will be too much cash chasing the same amount of imported goods in shoprite/PicknPay etc as we have today.By festive season I will not be surprised if 10:00ZMW=1USD
A weaker kwacha is much better for the Zambian economy as a whole, most especially in terms of attracting inward foreign direct investments… All major economic power houses of the world are striving to having their currencies weaker for better economic benefits ( the USA, UK, Japan and currently The People’s Republic of China are doing all they can to weaken their currencies). Genuine economic think tanks out there will tell you, a weaker currency is much better for the country’s economic growth!!!
Mr Tembo, I have doubts that you have tested the fruits of a stronger Kwacha. You pay less when you are importing (and the better case for Zambia since we more like import 90% of our goods). You cannot compare China to Zambia as China has plenty of domestic production. By weakening their currency, China competes well globally and that way, they have market for their production. Have you ever heard of Marketing strategies?
*****s campaigning for their own nation to fail really bloggers? I don’t support PF, but Zambia is my nation, thus I uphold my trust in the LORD. he shall provide warriors of the intellectual kind for our land.
LT sometimes you surprise me why did you delete my comment after publishing it? I repeat what I said : ” Even last year the rate was the same so there is nothing so special about this rate this time”.
Peace and Prosperity to Mother Zambia.
Lowest rate for 6 weeks? By 3 ngwee? Is that even news LT pliz? Good for foreign investors anyway, since they get more for their buck if the kwacha is weaker