In Zambia Kwacha weakens 1 percent on dollar shortages

By 0727 GMT the currency of Africa's second largest copper producer was 1.05 percent lower at 9.6 against the dollar.

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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 weakened 1 percent against the U.S. dollar on Thursday, pressured by low foreign exchange supplies and concerns over economic growth and a weak copper price.

By 0727 GMT the currency of Africa's second largest copper producer was 1.05 percent lower at 9.6 against the dollar.

"When the kwacha has gained recently it wasn't consistent with economic fundamentals," financial analyst Maambo Hamaundu said.

"We had some supply of forex but it was not sustainable. Supply is still relatively low. The country's economic fundamentals have not changed to support a stronger currency."

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