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Kwacha set for weekly loss as dollar demand outweighs supply
The Zambian Kwacha is on course for a weekly loss after weakening for a fourth consecutive trading session, as robust demand for United States dollars from corporates and importers continued to outstrip foreign exchange supply. According to Access Bank market commentary, the local currency depreciated…
Picture: Zambia Monitor
The Zambian Kwacha is on course for a weekly loss after weakening for a fourth consecutive trading session, as robust demand for United States dollars from corporates and importers continued to outstrip foreign exchange supply.
According to Access Bank market commentary, the local currency depreciated by 0.25 percent against the US dollar on Thursday to close just above the K19.40 mark, extending its recent losing streak.
The bank attributed Kwacha’s weakness to sustained demand for hard currency, with no immediate signs of relief unless market conditions change.
“Barring any surprises, the Kwacha is on course for a weekly loss as strong corporate and import-related demand for dollars has outpaced foreign exchange supply,” the bank said.
Meanwhile, developments in global financial markets continue to influence investor sentiment, with the US dollar holding firm ahead of the release of August inflation data in the world’s largest economy.
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Access Bank said the greenback was consolidating after posting its strongest intraday gain in two weeks, as investors awaited the latest US consumer price index (CPI) figures.
The bank noted that stronger-than-expected inflation could bolster expectations of tighter monetary policy by the US Federal Reserve, lifting Treasury yields and supporting the dollar.
Conversely, weaker inflation could strengthen expectations that the Fed will leave interest rates unchanged, potentially renewing downward pressure on the US currency.
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