Zambia Kwacha Gains Most in 7 Years on Central Bank Intervention
- Currency makes biggest advance in world to pare 2015 losses
- Interbank market `awash' with dollars, may support more gains
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Zambia’s currency strengthened the most in seven years as traders said the central bank sold dollars to stem the kwacha’s slide after it fell to a record low this week.
The kwacha gained more than 11 percent to 12.38 per dollar by 12:04 p.m. in the capital, Lusaka, the biggest advance among more than 150 currencies tracked by Bloomberg and most since November 2008. The currency is rallying for a second day after falling to an all-time low of 14.6050 on Tuesday.