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.
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.
A man displays a 50,000 Kwacha note in Lusaka January 23, 2012. REUTERS/Mackson Wasamunu
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![FIRS Chairman, Mr Muhammad Nami. [Twitter/@MMNami_]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "FIRS Chairman, Mr Muhammad Nami. [Twitter/@MMNami_]")
"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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