THE Kwacha has continued its downward trend against the United States Dollar, weakened by strong buying activities on the interbank market.
According to a newsletter published yesterday, the local currency weakened in early trade opening 1 ngwee down from its previous close at K5.51/K5.53 and slipping further to a low of K5.54/5.56 where it also closed.
"The Kwacha came under pressure from strong dollar interest from interbank players and importers whilst sellers were relatively subdued".
"It was down 4 ngwee for the day and was also down 5 ngwee in November from its close in October. It was down for a second successive month," Zanaco said.
In the near term the Kwacha is likely to remain on the back-foot against the dollar trading between K5.50 and K5.58.
Meanwhile, copper ticked higher this week, supported by a weaker dollar and falls in stockpiles, but still posted its biggest monthly loss since June on expectations of growing supply and tepid demand going forward.
Benchmark three-month copper on the London Metal Exchange (LME) closed 0.5 per cent higher at $7,055 a tonne.
Copper has rebounded from a three-month low of $6,910 hit last week, but prices have given up 2.7 per cent.