Pula hits all-time low against US dollar :: Mmegi Online

The US dollar was valued worth P9.48 on Tuesday, representing the lowest level the local currency has ever been against the greenback since the Pula’s introduction in 1976. Yesterday, First National Bank Botswana and Stanbic Bank Botswana were quoting a sell rate of P9.71 for the US dollar, while Barclays Bank of Botswana was quoting P9.64.

The drop in nominal rates, from P8.83 at the beginning of the year, continues a trend seen in the last two years, as the US dollar has strengthened from its global recession weakness. In 2013, the Pula shed 10.8 percent against the US dollar, while for the year up to yesterday, it had lost 7.13 percent.

On Monday, the Pula opened the week nominally valued at P9.40 against the greenback, before dropping to the record low on Tuesday, then subsequently recovering marginal ground to close yesterday at P9.46.

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