Zambian Kwacha Drops Most in 3 1/2 Years Before Currency Rebased
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Zambia’s kwacha weakened the most in 3 1/2 years as investors bought dollars before the local currency is rebased on Jan. 1, with three zeros being removed.
The currency of Africa’s biggest copper producer slumped as much as 4.9 percent, the biggest intraday drop since May 2009 to 5,153 per dollar and traded 4 percent weaker at 5,110 by 12:25 p.m. in the capital, Lusaka, making it the worst performer among all currencies today, according to data compiled by Bloomberg.