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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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Kwacha is actually the best in SADC
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
Thomson Reuters data.
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.