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The Zambian Kwacha has continued to face challenges against the United States (US) dollar.
Absa Bank Zambia predicted further depreciation in the short term due to a scarcity of US dollar supply amidst increasing demand.
Commercial banks in Lusaka quoted the local unit at K27.075/27.125 before it weakened to K27.200/27.250 by the session’s close.
Read more: Bank of Zambia dumps $6.5 million into foreign exchange market to shore up value of Kwacha
On Thursday at 08: 40 hours, the local currency was trading at K27.08/27.63 to the greenback.
On Wednesday, the Kwacha held steady against the dollar as demand and supply balanced out. Commercial banks maintained rates at K27.075/27.125 throughout the day.
However, the near-term outlook suggested stability contingent upon consistent inflows.
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