In Zambia Kwacha weakens to 6-week low as exporters hold out for better rates

The kwacha hit a session trough of 10.2200 to the greenback, its weakest since April 7, according to Thomson Reuters data.

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A man displays a 50,000 Kwacha note in Lusaka January 23, 2012. REUTERS/Mackson Wasamunu play A man displays a 50,000 Kwacha note in Lusaka January 23, 2012. REUTERS/Mackson Wasamunu
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Zambia's kwacha fell more than 1 percent against the greenback to a six-week low on Thursday as exporters sat on their dollars, holding out for better rates.

The kwacha hit a session trough of 10.2200 to the greenback, its weakest since April 7, according to Thomson Reuters data.

"We are not seeing a lot of dollar conversions from mining companies and other exporters. Exporters are holding on to dollars in anticipation of further kwacha depreciation," one commercial bank trader said.

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