Local Currency Markets

The Kwacha depreciated against the US dollar on 29 January 2016 as compared to the close of business on 28 January 2016. The domestic currency opened trade at 11.2428/11.2648 on average and was trading at 11.2447/11.2647 levels during morning trade. In the late afternoon, the kwacha was trading at levels of 11.2456/11.2656 levels on interbank. The Kwacha at close of trading was at 11.2450/11.2650. In the short-term the Kwacha is expected to trade between 11.2500 and 11.3500 on interbank.

Forex Updates


Reuters – South Africa’s rand firmed on Friday to trade below the psychological level of 16.00 to the dollar for the first time since January 7, buoyed by a central bank rate hike and improved global risk sentiment.

The rand gained 1.5 percent to 15.9750 per dollar, breaching a barrier that traders say could help the currency firm further.


Reuters – The BOJ’s move to adopt negative rates on Friday only cemented expectations the European Central Bank would ease further, sending German two-year yields to a fresh trough of nearly 50 basis points below zero.

That weighed on the euro, which was last at $1.0837, well off last week’s high of $1.0968.