Zambia’s kwacha falls sharply against US dollar

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Reuters) – Zambia’s kwacha fell more than 1 percent against the dollar to a record low on Friday as the dollar strengthened globally, traders said.

The kwacha was trading at 7.3250 against the dollar by 1414 GMT, after earlier hitting an intra-day low of 7.3450.

“It’s nothing peculiar to the kwacha. This has to do with dollar strength across the board,” a trader with a commercial bank in Lusaka told Reuters. (Reporting by Stella Mapenzauswa; Editing by James Macharia)

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  1. Rand falls to new 13-year low
    March 9, 2015 at 02:40pm
    By Reuters
    Johannesburg – South Africa’s rand fell to a new 13-year
    low against the dollar on Monday, after investors sold off
    emerging market currencies amid heightened
    expectations of an imminent interest rate hike in the
    United States.

    The rand stumbled 0.7 percent to 12.1270 to the
    greenback, its softest level since early 2002, according to
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    Earlier on Monday, by 06h05 GMT, the rand had
    weakened 0.2 percent to 12.0590 per dollar after hitting
    its weakest since 2002 on Friday in the wake of data
    showing the US unemployment rate had declined to its
    lowest in more than six years.
    The positive data from the world’s number one economy
    raised market expectations of a US Federal Reserve rate
    hike from near-zero levels by the end of 2015, driving
    renewed dollar-buying and a fall in bond yields there.

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