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The Zambian kwacha extended its decline against the United States dollar for a second consecutive session on Friday, closing above the 23.30 per dollar mark, according to Bloomberg data.
Analysts attribute the drop to continued strong demand for foreign currency.
This week, the kwacha is expected to trade in a relatively consolidated manner amid limited market activity.
Meanwhile, the U.S. dollar index remained steady following a 0.35 percent decline, weighed down by the euro’s strength.
The EUR/USD pair rose 0.5 percent on the back of higher European yields.
Global markets are closely monitoring the ongoing Russia-Ukraine talks.
Former U.S. President Donald Trump indicated that a deal may be near, although European leaders remain cautious.
Technical indicators suggest weakening momentum for the Kwacha, with the 5-, 10-, and 21-day moving averages trending lower and Bollinger bands softening.
Analysts say the daily chart shows a bearish bias.
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