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The Zambian Kwacha recorded slight gains against the United States dollar last Friday, according to Bloomberg data.
Figures showed that the local currency strengthened by about 0.19 percent, closing just above the K23.000 per dollar mark.
“This week, the Kwacha is expected to trade in a consolidative manner. However, rising demand for hard currency could exert some downward pressure,” the update noted.
Absa Bank Zambia, in its daily market commentary, projected that the near-term outlook would see the kwacha maintain a steady run against major currencies, with supply and demand dynamics remaining key in determining prevailing levels.
“Friday’s market session saw the Zambian kwacha trade flat against the U.S. dollar, with activity generally subdued. At the market open, the USD/ZMW interbank was quoted at K23.100/23.150 on the bid-offer respectively and traded at the same price for the rest of the session,” the Bank stated.
Meanwhile, the South African rand strengthened same Friday, boosted by a weaker dollar and a rebound in gold prices, after U.S. Federal Reserve Chair Jerome Powell hinted at a possible interest rate cut at the central bank’s September meeting.
The rand had been range-bound for much of the week despite South Africa recording its highest consumer inflation in 10 months on Wednesday. Analysts, however, said Powell’s remarks at the Jackson Hole symposium were the main driver behind the currency’s rally.
By close of trade, the rand was up about 1.5 percent against the dollar at 17.4525, its strongest level since early November 2024.
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