The Zambian Kwacha continued its downward spiral against major foreign exchange currencies on Monday pressured by increased importer demand for the United States dollar.
The local currency opened trading at K5. 775 to K5. 805 against one US dollar before depreciating to K5. 785 to K5. 815.
This is according to Tuesday’s market report by Cavmont Capital Bank released to ZANIS in Lusaka today.
The bank anticipates the local unit to remain under increased pressure in the short term following government’s remarks that the central bank’s intervention to stabilise the Kwacha would be limited.