Kwacha slumps further to US dollar

Standard Bank says the Kwacha fell to a one-week low against the United States dollar on Wednesday, March 13, 2013, closing 20 points weaker on the inter-bank at KR5.370 (K5,370) and KR5.390 (K5,390) for bid and offer respectively.

This is according to the bank’s daily brief update for March 14, 2013.

Meanwhile, on the international market, the South Africa Rand extended losses against the US dollar on Wednesday, weakening as much as one (1) per cent to a new four year low as weak domestic retail sales data highlighted an economy under stress.

“London copper slipped by 0.18 percent to $7,771 a tonne by 0337 on Thursday under the pressure from a stronger dollar after United States (US) retail data underlined recovery, while Chinese consumers stay on the sideline when it pulled back from two-week highs,” the bank states.

In the previous trading session on Monday, the Kwacha held steady against the dollar and was still range bound trading between 5.300 and 5.400. The Inter-bank closed at 5.350 to 5.370.