Economist Kelvin Chisanga says the kwacha, Thursday, performed well because strong copper export inflows have boosted foreign-exchange liquidity.
The Zambian currency recorded a notable appreciation in early February 2026, strengthening to around K18.70 per US dollar from levels near K20.00 per US dollar, representing an appreciation of approximately 6–7 percent.
In a statement, Friday, Chisanga noted that higher export receipts and consistent repatriation of foreign earnings have increased the supply of US dollars in the domestic market, easing FX pressures and supporting a more balanced exchange rate environment.
He said from a technical perspective, he observed that the USD/ZMW exchange rate has remained in a clear downward trend, characterised by successive lower highs and lower lows.
The Economist underlined that the decisive break below the K19.00 psychological support level confirmed trend continuation, with this level now acting as resistance.
He further explained that momentum indicators suggest the appreciation has been orderly and technically supported, with K18.70 forming immediate support.
Chisanga stressed that the kwacha’s performance reflects a convergence of stronger FX inflows and confirmed technical momentum, supporting currency stability in the near term.
