The Zambian Kwacha has strengthened to a record high against major international currencies, signaling continued gains in the local currency’s performance on the foreign exchange market.
The latest exchange rate figures show that the Kwacha is trading at K18.41 ngwee to One United States Dollar on the buying side and K18.78 ngwee on the selling side.
This is the lowest figure since June 2023 when the kwacha last traded at 17. 75 ngwee and averaged 18.72 ngwee against the US dollar
Against the British Pound, the Kwacha is buying at K24.9888 and selling at K25.4860, while it is trading at K21.7115 buying and K22.1436 selling against the Euro.
The local currency has also posted gains against regional and Asian currencies, buying at K1.1411 and selling at K1.1638 against the South African Rand, and buying at K2.6536 and selling at K2.7064 against the Chinese Yuan.
The development reflects increased confidence in the Kwacha’s stability and improved performance on the interbank market, with the local unit continuing to appreciate amid favourable market conditions.
By Rachel Mumba
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