Forex Zambia
1 USD = 19.6597 ZMW
Indicative rate, updated 7 hours ago. Not a live dealing rate - confirm with your broker before trading.
A live technical-analysis reading for USD/ZMW, from Strong Sell to Strong Buy, updated automatically by TradingView. Forex has no reliable, freely-published Fear & Greed Index the way stocks or crypto do, so this momentum-based gauge is shown instead.
USD/ZMW shows how many Zambian Kwacha one US Dollar buys. It's driven by copper export earnings, Bank of Zambia policy and inflation, alongside the US Dollar's own trend against the Dollar.
Rates shown here are indicative only, sourced periodically rather than streamed live. Confirm the exact rate with your bank or broker before converting funds or opening a trade.
Latest
19.5501
25 Sep 2026
Highest since Mar 2024
28.9479
26 Mar 2025
Lowest since Mar 2024
17.7399
17 Jun 2026
12-month average
19.9951
17.7399 – 23.9003
Over the past year USD/ZMW has fallen 17.17%, meaning the USD has weakened against the ZMW. In the last 30 days it has moved up 2.43%. Across the last 12 months it traded between 17.7399 and 23.9003. Its highest level in the data window (since March 2024) was 28.9479 on 26 Mar 2025, and its lowest was 17.7399 on 17 Jun 2026.
Based on weekly data from 6 Mar 2024 to 25 Sep 2026. Source: Weekly rate snapshots (currency-api). A rising rate means the USD is strengthening against the ZMW. Past performance does not predict future results.
A pair's price is one currency's value measured against another, so the economy behind each side matters.
United States · Federal Reserve (Fed) · Free float
The US Dollar is the world's dominant reserve and trading currency. It sits on one side of roughly nine in ten forex trades, and most commodities, including copper, are priced in it.
Zambia · Bank of Zambia (BoZ) · Managed float
Zambia is Africa's second-largest copper producer and one of its most commodity-dependent economies. The Kwacha is a freely floating currency in principle, but the Bank of Zambia intervenes to smooth volatility, and the currency trades thinly, so moves can be sharp.
USD/ZMW is the anchor Kwacha rate. Copper, Zambia's main export, is sold in US Dollars, so the Kwacha's value against the Dollar reflects how much foreign currency flows into Zambia relative to how much is needed to pay for imports, fuel, and debt service.
Copper is the key common thread. Because it is priced in Dollars and Zambia depends on it for most export revenue, rising copper tends to strengthen the Kwacha, while falling copper tends to weaken it. Chinese demand (China buys most of the world's refined copper) is therefore an important background driver.
The US Dollar is a traditional safe haven. In periods of market stress, investors tend to move money into it, which often pushes it higher against the Zambian Kwacha even when local economic data is unchanged. Because the Zambian Kwacha tends to do well when investors are optimistic, USD/ZMW is widely watched as a barometer of global risk appetite.
The Zambian Kwacha is an emerging or frontier-market currency. Compared with a major reserve currency, its market is thinner, so shifts in global risk appetite, Dollar liquidity and capital flows can move it faster and further than fundamentals alone would suggest.
Central-bank policy matters on both sides: the Federal Reserve (Fed) and the Bank of Zambia (BoZ). When one of them is expected to keep interest rates higher than the other, that currency usually attracts capital and strengthens; a narrowing gap tends to reverse the move.
Typically rises with the Dollar
Usually moves inversely to the Dollar
Risk-off episodes tend to boost the Dollar
Usually moves with the Kwacha: rising copper tends to strengthen it
Usually inverse: a stronger Dollar tends to weaken the Kwacha
A gauge of copper demand from Zambia's largest buyer
Reflect investor confidence in debt sustainability
2008 USD
The global financial crisis triggered a surge in safe-haven Dollar demand.
2013 ZMW
The Kwacha was rebased, with 1,000 old kwacha (ZMK) replaced by 1 new kwacha (ZMW).
2014–15 USD
The Fed signalled tighter policy while other central banks eased, driving a powerful Dollar rally.
2015 ZMW
A copper price slump, power shortages and fiscal slippage triggered a sharp Kwacha depreciation.
2020 USD
In March 2020 a global "dash for Dollars" sent the currency sharply higher before the Fed flooded markets with liquidity.
2020 ZMW
Zambia became the first African country to default during the COVID-19 period, and the Kwacha fell to record lows against the Dollar at the time.
2021 ZMW
A peaceful change of government and hopes of IMF support sparked a strong Kwacha rally.
2022 USD
The fastest Fed hiking cycle in decades pushed the Dollar to a roughly 20-year high, including parity with the Euro.
2023 ZMW
Debt restructuring agreements with official creditors progressed, alongside a severe drought that hit power generation and the Kwacha.
2024 ZMW
Drought-driven load-shedding and a bondholder restructuring deal shaped sentiment, and the Kwacha weakened towards historic lows.
2025–26 ZMW
After touching its weakest level in our rate data in March 2025, the Kwacha staged a strong recovery against the US Dollar over the following year.
USD/ZMW is a direct Kwacha rate, so it shows what Zambian importers, students, travellers and traders actually pay or receive when converting to or from the USD. Most international retail brokers don't list Kwacha pairs, so traders normally trade Dollar-based pairs and use this rate to understand deposit and withdrawal costs.
Compare brokers offering these pairs →Most active: New York session (and the London–New York overlap) • Lusaka business hours, then the London and New York sessions
1 USD is worth about 19.6597 ZMW (indicative, updated 7 hours ago). Always confirm the exact rate with your bank or broker before you convert or trade.
In the data we track (since 6 Mar 2024), USD/ZMW peaked at 28.9479 on 26 Mar 2025 and bottomed at 17.7399 on 17 Jun 2026.
USD/ZMW is influenced by the relative strength of the US Dollar and the Zambian Kwacha. Key factors include: Federal Reserve interest-rate policy, US inflation and jobs data, Copper prices, US Dollar strength and global risk appetite. See the sections above for the full list.
Activity and liquidity are typically highest during: New York session (and the London–New York overlap) • Lusaka business hours, then the London and New York sessions. Spreads are usually tighter when the relevant markets are open.
USD/ZMW can be more volatile or carry wider spreads than the major pairs, so it usually suits experienced traders better. If you are new, start with a demo account and a major pair. Trading forex carries a high risk of loss.
This page is educational and is not investment advice. Rates, statistics and commentary are indicative and may contain errors or be out of date. Forex and CFD trading carries a high risk of loss.